SB2016Introduced in the Senate
SCH CD-RETIREMENT SAVINGS PLAN
Introduced by Karina Villa, District 25
What does this bill do?
Plain-English breakdown
Writing a plain-English summary of this bill… this can take a few seconds the first time.
Official description
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.
Where it stands
Added as Co-Sponsor Sen. Rachel Ventura
February 24, 2026
How did lawmakers vote?
SenateStage: Senate Pensions Committee · March 19, 2025
7
Yes
3
No
0
Absent or Not Voting
10 senators recorded in this Senate vote. Colors show vote categories only, not whether a vote was good or bad.
What do people think?
Citizen Voice
How would you vote on this bill?
An unofficial public opinion poll. It does not affect the bill or the official vote.
One response per device. Location is self-reported and not verified. Results are informal and not a scientific survey.
See how each senator voted
| Senator | District | Vote |
|---|---|---|
| Javier Cervantes | 1 | Yes |
| Laura Fine | 9 | Yes |
| Robert Martwick | 10 | Yes |
| Napoleon Harris | 15 | Yes |
| Karina Villa | 25 | Yes |
| Mark Walker | 27 | Yes |
| Li Arellano | 37 | No |
| Linda Holmes | 42 | Yes |
| Neil Anderson | 47 | No |
| Chris Balkema | 53 | No |
Bill history
Filed with Secretary by Sen. Karina Villa
First Reading
Referred to Assignments
Assigned to Pensions
Added as Chief Co-Sponsor Sen. Robert F. Martwick
Do Pass Pensions; 007-003-000
Placed on Calendar Order of 2nd Reading March 20, 2025
Second Reading
Placed on Calendar Order of 3rd Reading April 1, 2025
Added as Co-Sponsor Sen. Linda Holmes
Rule 2-10 Third Reading Deadline Established As May 9, 2025
Rule 2-10 Third Reading Deadline Established As May 23, 2025
Rule 2-10 Third Reading Deadline Established As June 1, 2025
Rule 3-9(a) / Re-referred to Assignments
Added as Co-Sponsor Sen. Rachel Ventura
Verify the information
Our commitment to neutrality
We provide factual information only. We never tell you which politicians or bills to support, and we do not rank, score, or endorse anyone.