Illinois · Senate Bill 2016 · 104th General Assembly

SCH CD-RETIREMENT SAVINGS PLAN

SB 2016 Sponsored by Karina Villa In committee

  1. Introduced Feb 6, 2025
  2. In committee Feb 6, 2025
  3. Passed the Senate Next
  4. Passed the House  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

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…

Read the full title (183 words)

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.

Every action

15 steps, oldest first, as the legislature records them.

Show the 7 earlier steps
  1. SenateFiled with Secretary by Sen. Karina Villa
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Pensions · Senate Pensions
  5. SenateAdded as Chief Co-Sponsor Sen. Robert F. Martwick
  6. CommitteeDo Pass Pensions; 007-003-000 · Senate Pensions
  7. SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
  1. SenateSecond Reading
  2. SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
  3. SenateAdded as Co-Sponsor Sen. Linda Holmes
  4. SenateRule 2-10 Third Reading Deadline Established As May 9, 2025
  5. SenateRule 2-10 Third Reading Deadline Established As May 23, 2025
  6. SenateRule 2-10 Third Reading Deadline Established As June 1, 2025
  7. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  8. SenateAdded as Co-Sponsor Sen. Rachel Ventura

Roll calls

1 recorded vote: 0 on the floor, 1 in committee. Each shows how every member voted.

Committee votes

DateWhereQuestionResult
Mar 19, 2025 Senate Pensions Pensions - Do Pass
Members

Yes · 7

No · 3

 Passed 7–3

Sponsors

The member who introduced it, joined by 3 cosponsors: 3 Democrats.

All 3 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.