SB1747 amends the Illinois Pension Code to allow certain school districts to use a single-vendor 457(b) plan for retirement benefits.

SB1747 amends the Illinois Pension Code to allow up to 10% of school districts to use a single-vendor 457(b) plan for retirement benefits. The bill sets requirements for these plans, including prohibiting surrender charges and annuities, and allowing participants to transfer funds without cost. It also mandates that decisions regarding the plan be made in the best interests of participants and beneficiaries. The bill specifies that employees involved in selecting the vendor must avoid conflicts of interest and disclose any outside business interests.

SB1747 amends the Illinois Pension Code to allow certain school districts to use a single-vendor 457(b) plan for retirement benefits.

SB1747 amends the Illinois Pension Code to allow up to 10% of school districts to use a single-vendor 457(b) plan for retirement benefits. The bill sets requirements for these plans, including prohibiting surrender charges and annuities, and allowing participants to transfer funds without cost. It also mandates that decisions regarding the plan be made in the best interests of participants and beneficiaries. The bill specifies that employees involved in selecting the vendor must avoid conflicts of interest and disclose any outside business interests.