SB2568 - SCH CD-RETIREMENT SAVINGS PLAN
Karina Villa, Robert F. Martwick, Emil Jones
Last updated over 1 year ago
8 Co-Sponsors
Amends the School Code. Provides that a school district that offers to the school district's employees a retirement savings plan under Section 403(b) of the Internal Revenue Code of 1986 may enter into a contract with only one vendor to administer the plan. Provides that a vendor shall be selected, with the approval of the employees' exclusive bargaining representative, if any, or a committee of the employees' exclusive bargaining representatives, through a competitive bidding process. Limits contracts with vendors to no more than 7 years. Provides that school districts that, on the effective date of the amendatory Act, have a contract with a vendor shall, by no later than July 1, 2026, begin the competitive bidding process. Provides that the renewal or extension of a contract with a vendor that is in effect on the effective date of the amendatory Act is subject to the competitive bidding process.
STATUS
Introduced