Bill > SB1692

This bill creates the Local Government Retirement Plan Responsibility Act, which establishes comprehensive guidelines for retirement plans offered by local governments and school districts in Illinois. The bill defines a "retirement plan" specifically as an eligible plan under Sections 457 or 403(b) of the Internal Revenue Code, which are types of tax-advantaged retirement savings plans typically used by government and nonprofit employers. While the government summary suggests the bill will require local government retirement plans to comply with the General Provisions Article of the Illinois Pension Code—including provisions related to fiduciary duties, funding, investments, and participant rights—the provided XML text does not detail those specific compliance requirements. The bill appears to be laying groundwork for more structured oversight of local government retirement plans, potentially to ensure consistency, financial responsibility, and protection of employee retirement benefits across different jurisdictions in Illinois.

Labor and Employment

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1692&GAID=18&DocTypeID=SB&SessionID=114&GA=104