SB2016

Illinois SB2016 amends the School Code to allow school boards to contract with vendors for retirement savings plans.

Illinois SB2016 amends the School Code to allow school boards to contract with vendors for retirement savings plans. The bill applies to contracts entered into, extended, or renewed on or after the effective date of the Act. By July 1, 2027, school boards may enter into contracts with vendors to provide investment options. Vendors must ensure that neither they nor the plan investment options impose certain fees and must offer access to specific types of funds. Employees may opt out of having their 403(b) assets transferred to a new vendor.