IL SB2016 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 4)
Status: Introduced on February 6 2025 - 25% progression
Action: 2026-02-24 - Added as Co-Sponsor Sen. Rachel Ventura
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 6 2025 - 25% progression
Action: 2026-02-24 - Added as Co-Sponsor Sen. Rachel Ventura
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the School Code. Provides that, by July 1, 2027, the school board of each school district in the State that offers its employees a retirement savings plan established under Section 403(b) of the Internal Revenue Code of 1986 may enter into a contract with one or more vendors to provide participants with plan investments options. Provides that a vendor selected under after the effective date of the Act must be mutually agreed upon by the affected collective bargaining unit or units and the school board must ensure that the vendor follows the specified investment guidelines. Permits a specified vendor offering a plan to charge an investment advisory representative fee not to exceed 0.50% annually. Provides that, if a new vendor is chosen to administer a retirement saving plan that is offered by the specified school board of a school district, an employee of the school district may opt out of having the employee's individual 403(b) assets transferred to that new vendor. Limits applicability of the provisions to contracts entered into, extended, or renewed on or after the effective date of the Act.
Title
SCH CD-RETIREMENT SAVINGS PLAN
Sponsors
Roll Calls
2025-03-19 - Senate - Senate Pensions Committee (Y: 7 N: 3 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2026-02-24 | Senate | Added as Co-Sponsor Sen. Rachel Ventura |
| 2025-06-02 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2025-05-23 | Senate | Rule 2-10 Third Reading Deadline Established As June 1, 2025 |
| 2025-05-09 | Senate | Rule 2-10 Third Reading Deadline Established As May 23, 2025 |
| 2025-04-11 | Senate | Rule 2-10 Third Reading Deadline Established As May 9, 2025 |
| 2025-04-03 | Senate | Added as Co-Sponsor Sen. Linda Holmes |
| 2025-03-20 | Senate | Placed on Calendar Order of 3rd Reading April 1, 2025 |
| 2025-03-20 | Senate | Second Reading |
| 2025-03-19 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 |
| 2025-03-19 | Senate | Do Pass Pensions; 007-003-000 |
| 2025-03-18 | Senate | Added as Chief Co-Sponsor Sen. Robert F. Martwick |
| 2025-03-12 | Senate | Assigned to Pensions |
| 2025-02-06 | Senate | Referred to Assignments |
| 2025-02-06 | Senate | First Reading |
| 2025-02-06 | Senate | Filed with Secretary by Sen. Karina Villa |
