IL SB3789

Requires deferred compensation plan recordkeepers to refrain from cross-selling nonplan products and services to participants, except in response to participant requests or requests by the System.

Prohibits recordkeepers from promoting, recommending, or endorsing nonplan financial products, with an exception for publicly available website links about commercial products encountered during regular navigation.

Allows recordkeepers' affiliate websites to be referenced alongside recordkeeper websites in cross-selling prohibitions and website link exceptions.

Permits public institutions of higher education to allow promotion of limited services (educational, counseling, debt reduction, student loan assistance) without recordkeeper compensation, except credit cards, life insurance, or banking products unless specifically requested by the governing board or its delegate.

Applies effective immediately to both the State Universities Article and University Employees Custodial Accounts Act of the Illinois Pension Code.