HIGHER ED-DEFINED CONTRIBUTION
Sponsored By: Robert F. Martwick (Democratic)
In Committee
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Robert F. Martwick
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Bill Text
Introduced
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