IL SB0734

Requires school districts with 575 or more full-time licensed teachers that maintain a 457 deferred compensation plan to offer participants multiple financial institutions or investment providers.

Prohibits combining written agreements for 457 plan services with other administrative agreements, requiring separate contracts for each provider.

Mandates financial institutions and investment providers to supply all necessary plan administration data in electronic format and disclose all fees, charges, expenses, commissions, and third-party payments to participants.

Requires financial institutions and investment providers to cover all agreed-upon plan administration costs.

Provides school districts one year from the law's effective date to identify and add at least one additional 457 plan provider beyond any existing contracted administrator.