Illinois SB 2016: ITEP DOT SUPPLEMENTAL FUNDING

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2016

Introduced 2/6/2025, by Sen. Karina Villa 

SYNOPSIS AS INTRODUCED:

105 ILCS 5/22-101 new

 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.

LRB104 09468 LNS 19529 b

A BILL FOR

SB2016LRB104 09468 LNS 19529 b

1 AN ACT concerning education.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The School Code is amended by adding Sections 

522-101 and 22-102 as follows:

6 (105 ILCS 5/22-101 new)

7 Sec. 22-101. Retirement savings plans; requirements. 

8 (a) This Section applies to contracts entered into, 

9extended, or renewed on or after the effective date