Illinois HB2709 establishes a pilot program for single-vendor 457(b) plans in school districts, with specific ethical and financial restrictions for.
Illinois HB2709 amends the Illinois Pension Code to introduce a pilot program allowing school districts to offer 457(b) plans through a single vendor. The program is limited to 10% of school districts statewide. It mandates that employees involved in selecting the vendor must avoid conflicts of interest, disclose any outside business interests, and refrain from accepting gifts or preferential treatment. The plan must not include surrender charges or annuities, and must allow for fund transfers without cost. The pilot program provisions will be inoperative after January 1, 2031.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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