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Sen. Karina Villa
Filed: 2/14/2024
| | 10300SB2568sam001 | | LRB103 31865 RJT 69761 a |
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| 1 | | AMENDMENT TO SENATE BILL 2568
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2568 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The School Code is amended by adding Section |
| 5 | | 22-100 as follows:
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| 6 | | (105 ILCS 5/22-100 new) |
| 7 | | Sec. 22-100. Retirement savings plans; requirements. |
| 8 | | (a) This Section applies to contracts entered into, |
| 9 | | extended, or renewed on or after the effective date of this |
| 10 | | amendatory Act of the 103rd General Assembly. |
| 11 | | (b) A school district that offers to the school district's |
| 12 | | employees a retirement savings plan under Section 403(b) of |
| 13 | | the Internal Revenue Code of 1986, as amended, may enter into a |
| 14 | | contract with only one vendor to administer the plan. A vendor |
| 15 | | shall be selected, with the approval of the employees' |
| 16 | | exclusive bargaining representative, if any, through a |
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| | 10300SB2568sam001 | - 2 - | LRB103 31865 RJT 69761 a |
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| 1 | | competitive bidding process. If there is more than one |
| 2 | | exclusive bargaining representative for the employees to whom |
| 3 | | the plan will be offered, the vendor shall be selected with the |
| 4 | | approval of a committee of the exclusive bargaining |
| 5 | | representatives through a competitive bidding process. |
| 6 | | (c) A school district may enter into a contract with a |
| 7 | | vendor under this Section for no more than 7 years. |
| 8 | | (d) If, on the effective date of this amendatory Act of the |
| 9 | | 103rd General Assembly, a school district has a contract with |
| 10 | | a vendor to administer a retirement savings plan under Section |
| 11 | | 403(b) of the Internal Revenue Code of 1986, as amended, the |
| 12 | | school district shall, by no later than July 1, 2026, begin the |
| 13 | | competitive bidding process established in subsection (b). The |
| 14 | | renewal or extension of a contract with a vendor to administer |
| 15 | | a retirement savings plan under Section 403(b) of the Internal |
| 16 | | Revenue Code of 1986, as amended, that is in effect on the |
| 17 | | effective date of this amendatory Act of the 103rd General |
| 18 | | Assembly is subject to the competitive bidding process and |
| 19 | | requirements under subsection (b).". |