# Illinois SB2016: SCH CD-RETIREMENT SAVINGS PLAN

Illinois SB2016, SCH CD-RETIREMENT SAVINGS PLAN, is a 104th General Assembly (2025–2026) Senate bill sponsored by Karina Villa (Democratic); status in committee, last action 2026-02-24 (Added as Co-Sponsor Sen. Rachel Ventura); PRIA reads it as touching household money (as of 2026-11-01).

- Canonical: https://policyrisk.com/state-bill/IL-SB2016-2025-2026
- As of: 2026-11-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Illinois SB2016
- State: Illinois
- Session: 104th General Assembly (2025–2026)
- Title: SCH CD-RETIREMENT SAVINGS PLAN
- Status: in committee
- Chamber: Senate
- Introduced: 2025-02-06
- Last action: 2026-02-24, Added as Co-Sponsor Sen. Rachel Ventura
- Sponsor: Karina Villa (Democratic)
- Cosponsors: 3
- Subjects: assignments, pensions
- Touches household money: yes
- Roll calls: 1 (7 yes, 3 no in all)
- Economic provisions PRIA read: 0

## Summary

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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Karina Villa (Democratic), Senate
- Cosponsor: Linda Holmes (Democratic), Senate
- Cosponsor: Rachel Ventura (Democratic), Senate
- Cosponsor: Robert F. Martwick (Democratic), Senate

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-03-19 | Senate | Do Pass Pensions; | pass | 7 | 3 |   |

## Actions (15)

- 2026-02-24: Added as Co-Sponsor Sen. Rachel Ventura (Senate)
- 2025-06-02: Rule 3-9(a) / Re-referred to Assignments (Senate)
- 2025-05-23: Rule 2-10 Third Reading Deadline Established As June 1, 2025 (Senate)
- 2025-05-09: Rule 2-10 Third Reading Deadline Established As May 23, 2025 (Senate)
- 2025-04-11: Rule 2-10 Third Reading Deadline Established As May 9, 2025 (Senate)
- 2025-04-03: Added as Co-Sponsor Sen. Linda Holmes (Senate)
- 2025-03-20: Placed on Calendar Order of 3rd Reading April 1, 2025 (Senate)
- 2025-03-20: Second Reading (Senate)
- 2025-03-19: Placed on Calendar Order of 2nd Reading March 20, 2025 (Senate)
- 2025-03-19: Do Pass Pensions; 007-003-000 (Senate)
- 2025-03-18: Added as Chief Co-Sponsor Sen. Robert F. Martwick (Senate)
- 2025-03-12: Assigned to Pensions (Senate)
- 2025-02-06: Referred to Assignments (Senate)
- 2025-02-06: First Reading (Senate)
- 2025-02-06: Filed with Secretary by Sen. Karina Villa (Senate)

## Bill text

- Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB2016.pdf)

## Related bills

- HB5198: AFFORDABLE HOUSING-CILAS (passed house)
- SB1937: PENSION CODE-VARIOUS (passed senate)
- HB2563: CONDO-RESERVE STUDY (in committee)
- HB4701: LIMITATIONS FACILITY FEES ACT (in committee)
- SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate)
- SB3484: VEH CD-PLATES-REGISTRATION (signed)

## Sources
- [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB2016.pdf)

## Related
- [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026)
- [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026)
- [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026)
- [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026)
- [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026)
- [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026)
- [Illinois bills](https://policyrisk.com/states/illinois/bills)
- [Illinois state hub](https://policyrisk.com/states/illinois)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/IL-SB2016-2025-2026 (as of 2026-11-01).