IL HB2709

Allows school districts with existing single-vendor 457(b) deferred compensation plans to use those plans to satisfy requirements of Public Act 102-540, rather than using the state system

Limits participation in this pilot program to no more than 10% of school districts statewide

Requires single-vendor plans to have no surrender charges, no annuities, and must permit cost-free transfers or rollovers to the Teachers' Retirement System supplemental savings plan

Prohibits vendors from giving anything of value to employees involved in vendor selection, and bars interested parties (district employees, school board members, and their immediate family) from having financial interests in the plans

Requires employees participating in vendor selection to avoid conflicts of interest, disclose business relationships with vendors, refuse gifts, and not seek employment with selected vendors for one year after leaving the district

Pilot program expires January 1, 2031