Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1891 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1891 Introduced 2/6/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: 110 ILCS 95/2 from Ch. 144, par. 1702 Amends the University Employees Custodial Accounts Act. Provides that the governing board of any public institution of higher education shall require that the defined contribution plan recordkeeper agree that, in performing services with respect to the defined contribution plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the defined contribution plan or the participants in the defined contribution plan to solicit the participants in the defined contribution plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the defined contribution plan or a request by the governing board of the public institution of higher education or its authorized delegate (rather than a request by a participant); and (ii) will not promote, recommend, endorse, or solicit participants in the defined contribution plan to purchase any financial products or services outside of the defined contribution plan, except that links to parts of the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website that are generally available to the public, are about commercial products, and may be encountered by a participant in the regular course of navigating the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website will not constitute a violation. Makes related changes. Effective immediately. LRB104 11331 LNS 21418 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1891 Introduced 2/6/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED: 110 ILCS 95/2 from Ch. 144, par. 1702 110 ILCS 95/2 from Ch. 144, par. 1702 Amends the University Employees Custodial Accounts Act. Provides that the governing board of any public institution of higher education shall require that the defined contribution plan recordkeeper agree that, in performing services with respect to the defined contribution plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the defined contribution plan or the participants in the defined contribution plan to solicit the participants in the defined contribution plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the defined contribution plan or a request by the governing board of the public institution of higher education or its authorized delegate (rather than a request by a participant); and (ii) will not promote, recommend, endorse, or solicit participants in the defined contribution plan to purchase any financial products or services outside of the defined contribution plan, except that links to parts of the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website that are generally available to the public, are about commercial products, and may be encountered by a participant in the regular course of navigating the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website will not constitute a violation. Makes related changes. Effective immediately. LRB104 11331 LNS 21418 b LRB104 11331 LNS 21418 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1891 Introduced 2/6/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
3	3	110 ILCS 95/2 from Ch. 144, par. 1702 110 ILCS 95/2 from Ch. 144, par. 1702
4	4	110 ILCS 95/2 from Ch. 144, par. 1702
5	5	Amends the University Employees Custodial Accounts Act. Provides that the governing board of any public institution of higher education shall require that the defined contribution plan recordkeeper agree that, in performing services with respect to the defined contribution plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the defined contribution plan or the participants in the defined contribution plan to solicit the participants in the defined contribution plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the defined contribution plan or a request by the governing board of the public institution of higher education or its authorized delegate (rather than a request by a participant); and (ii) will not promote, recommend, endorse, or solicit participants in the defined contribution plan to purchase any financial products or services outside of the defined contribution plan, except that links to parts of the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website that are generally available to the public, are about commercial products, and may be encountered by a participant in the regular course of navigating the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website will not constitute a violation. Makes related changes. Effective immediately.
6	6	LRB104 11331 LNS 21418 b LRB104 11331 LNS 21418 b
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8	8	A BILL FOR
9	9	SB1891LRB104 11331 LNS 21418 b SB1891 LRB104 11331 LNS 21418 b
10	10	SB1891 LRB104 11331 LNS 21418 b
11	11	1 AN ACT concerning education.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The University Employees Custodial Accounts Act
15	15	5 is amended by changing Section 2 as follows:
16	16	6 (110 ILCS 95/2) (from Ch. 144, par. 1702)
17	17	7 Sec. 2. The governing board of any public institution of
18	18	8 higher education has the power to establish a defined
19	19	9 contribution plan to make payments to custodial accounts for
20	20	10 investment in regulated investment company stock to provide
21	21	11 retirement benefits as described in Section 403(b)(7) of the
22	22	12 Internal Revenue Code for eligible employees of such
23	23	13 institutions. Such payments shall be made with funds made
24	24	14 available by deductions from or reductions in salary or wages
25	25	15 of eligible employees who authorize in writing deductions or
26	26	16 reductions for such purpose. Such stock shall be purchased
27	27	17 only from persons authorized to sell such stock in this State.
28	28	18 In administering the defined contribution plan, the
29	29	19 governing board of any public institution of higher education
30	30	20 shall require that the defined contribution plan recordkeeper
31	31	21 agree that, in performing services with respect to the defined
32	32	22 contribution plan, the recordkeeper: (i) will not use
33	33	23 information received as a result of providing services with
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1891 Introduced 2/6/2025, by Sen. Robert F. Martwick SYNOPSIS AS INTRODUCED:
38	38	110 ILCS 95/2 from Ch. 144, par. 1702 110 ILCS 95/2 from Ch. 144, par. 1702
39	39	110 ILCS 95/2 from Ch. 144, par. 1702
40	40	Amends the University Employees Custodial Accounts Act. Provides that the governing board of any public institution of higher education shall require that the defined contribution plan recordkeeper agree that, in performing services with respect to the defined contribution plan, the recordkeeper: (i) will not use information received as a result of providing services with respect to the defined contribution plan or the participants in the defined contribution plan to solicit the participants in the defined contribution plan for the purpose of cross-selling nonplan products and services, unless in response to a request by a participant in the defined contribution plan or a request by the governing board of the public institution of higher education or its authorized delegate (rather than a request by a participant); and (ii) will not promote, recommend, endorse, or solicit participants in the defined contribution plan to purchase any financial products or services outside of the defined contribution plan, except that links to parts of the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website that are generally available to the public, are about commercial products, and may be encountered by a participant in the regular course of navigating the recordkeeper's or the recordkeeper's affiliate's (rather than the recordkeeper's) website will not constitute a violation. Makes related changes. Effective immediately.
41	41	LRB104 11331 LNS 21418 b LRB104 11331 LNS 21418 b
42	42	LRB104 11331 LNS 21418 b
43	43	A BILL FOR
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49	49	110 ILCS 95/2 from Ch. 144, par. 1702
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68	68	1 respect to the defined contribution plan or the participants
69	69	2 in the defined contribution plan to solicit the participants
70	70	3 in the defined contribution plan for the purpose of
71	71	4 cross-selling nonplan products and services, unless in
72	72	5 response to a request by a participant in the defined
73	73	6 contribution plan or a request by the governing board of the
74	74	7 public institution of higher education or its authorized
75	75	8 delegate; and (ii) will not promote, recommend, endorse, or
76	76	9 solicit participants in the defined contribution plan to
77	77	10 purchase any financial products or services outside of the
78	78	11 defined contribution plan, except that links to parts of the
79	79	12 recordkeeper's or the recordkeeper's affiliate's website that
80	80	13 are generally available to the public, are about commercial
81	81	14 products, and may be encountered by a participant in the
82	82	15 regular course of navigating the recordkeeper's or the
83	83	16 recordkeeper's affiliate's website will not constitute a
84	84	17 violation of this item (ii). However, a public institution of
85	85	18 higher education may allow promotion of limited services if
86	86	19 the public institution of higher education receives no
87	87	20 compensation from the recordkeeper for promoting or providing
88	88	21 such services. Such limited services may include educational,
89	89	22 counseling, debt reduction, student loan repayment or
90	90	23 forgiveness, or other services intended to enhance retirement
91	91	24 savings opportunities. Such limited services may not include
92	92	25 credit cards, life insurance, or banking products, unless a
93	93	26 request to provide those products is made by the governing
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104	104	1 board of the public institution of higher education or its
105	105	2 authorized delegate.
106	106	3 (Source: P.A. 103-552, eff. 8-11-23.)
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112	112	SB1891 - 3 - LRB104 11331 LNS 21418 b