Illinois SB1891 amends the University Employees Custodial Accounts Act to regulate financial services offered to employees in defined contribution.

Illinois SB1891 amends the University Employees Custodial Accounts Act to allow governing boards of public institutions of higher education to establish defined contribution plans for retirement benefits. The bill mandates that recordkeepers for these plans cannot use participant information to solicit non-plan financial products, except in response to a participant's request or at the request of the governing board. It also permits the promotion of limited services like educational counseling or student loan repayment, provided the institution receives no compensation from the recordkeeper.

Illinois SB1891 amends the University Employees Custodial Accounts Act to regulate financial services offered to employees in defined contribution.

Illinois SB1891 amends the University Employees Custodial Accounts Act to allow governing boards of public institutions of higher education to establish defined contribution plans for retirement benefits. The bill mandates that recordkeepers for these plans cannot use participant information to solicit non-plan financial products, except in response to a participant's request or at the request of the governing board. It also permits the promotion of limited services like educational counseling or student loan repayment, provided the institution receives no compensation from the recordkeeper.