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IL SB1233
Bill
Status
Failed
1/7/2025
Primary Sponsor
Michael Halpin
Click for details
AI Summary
- Applies only to school districts with 525 or more full-time licensed teachers
- Allows financial institutions or investment providers to offer services to school district 457 deferred compensation plans under written agreements not combined with other 457 plan administration agreements
- Requires school districts to make available more than one financial institution or investment provider (in addition to any provider with a written agreement) to participants
- Mandates that all 457 plan providers supply data electronically to the school district or its compliance administrator, disclose all fees and charges, and cover agreed-upon plan administration costs
- Gives school districts one year from the effective date to designate additional 457 plan providers
Legislative Description
SCH CD-RETIREMENT PLANS
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments6/26/2023
Special Committee on Pensions5/17/2023
Assignments5/17/2023
Personnel & Pensions5/9/2023
Rules5/5/2023
Personnel & Pensions5/3/2023
Rules5/2/2023
Personnel & Pensions4/11/2023
Rules3/23/2023
Special Committee on Pensions3/7/2023
Assignments3/3/2023
Special Committee on Pensions2/7/2023
Assignments2/2/2023
Full Bill Text
No bill text available