IL SB3713

State Comptroller authorized to establish and operate a supplemental employee deferral plan (403(b) tax-deferred annuity) for employees of public school districts and community colleges.

Participating employees may make salary reductions contributed to the plan, and employers may make additional contributions if the plan permits.

Compensation deferred under the plan continues to count as regular compensation for calculating retirement and pension benefits.

State Comptroller must select plan investments (life insurance, annuities, mutual funds) through competitive bidding; school districts and community colleges may offer additional non-Comptroller-selected investments if they contribute to administrative expense recovery.

Comptroller must provide a $1,000,000 bond with sufficient sureties for the faithful administration of the plan.