Bill > S2411

This bill requires certain boards of education with at least 1,000 students to select a minimum of three financial institutions or pension management organizations to provide tax-sheltered annuity (403(b)) plans to their employees. The financial institutions or pension management organizations must provide all data necessary for the administration of the 403(b) plan and disclose all fees, charges, expenses, commissions, compensation, and payments to third parties related to the investments offered under the plan. The bill also specifies that the boards of education are not responsible for any investment losses or failures to earn expected returns under the 403(b) plan.