SB3654 Summary

• Amends Illinois Pension Code to prohibit deferred compensation plan recordkeepers from using participant information to cross-sell nonplan financial products and services, unless responding to participant requests.

• Prohibits recordkeepers from promoting, recommending, endorsing, or soliciting plan participants to purchase financial products or services outside the plan.

• Applies restrictions to State Universities Deferred Compensation Plan, Downstate Teacher Deferred Compensation Plan, State Employees Deferred Compensation Plan, and local government deferred compensation plans.

• Amends University Employees Custodial Accounts Act to impose identical restrictions on defined contribution plan recordkeepers at public institutions of higher education.