110 ILCS 95

110 ILCS 95/0.01

(110 ILCS 95/0.01) (from Ch. 144, par. 1700) Sec. 0.01. Short title. This Act may be cited as the University Employees Custodial Accounts Act. (Source: P.A. 86-1324.)

(110 ILCS 95/1) (from Ch. 144, par. 1701) Sec. 1. As used in this Act: "The governing board of any public institution of higher education" means the Board of Trustees of the University of Illinois, the Board of Trustees of Southern Illinois University, the Board of Trustees of Chicago State University, the Board of Trustees of Eastern Illinois University, the Board of Trustees of Governors State University, the Board of Trustees of Illinois State University, the Board of Trustees of Northeastern Illinois University, the Board of Trustees of Northern Illinois University, the Board of Trustees of Western Illinois University and the Illinois Community College Board. "Eligible employees" means employees of public institutions of higher education who qualify for favorable tax treatment under Section 403b of the Internal Revenue Code. (Source: P.A. 89-4, eff. 1-1-96.)

110 ILCS 95/2

(110 ILCS 95/2) (from Ch. 144, par. 1702) Sec. 2. The governing board of any public institution of higher education has the power to establish a defined contribution plan to make payments to custodial accounts for investment in regulated investment company stock to provide retirement benefits as described in Section 403(b)(7) of the Internal Revenue Code for eligible employees of such institutions. Such payments shall be made with funds made available by deductions from or reductions in salary or wages of eligible employees who authorize in writing deductions or reductions for such purpose. Such stock shall be purchased only from persons authorized to sell such stock in this State. In administering the defined contribution plan, 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; 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 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 website will not constitute a violation of this item (ii). However, a public institution of higher education may allow promotion of limited services if the public institution of higher education receives no compensation from the recordkeeper for promoting or providing such services. Such limited services may include educational, counseling, debt reduction, student loan repayment or forgiveness, or other services intended to enhance retirement savings opportunities. Such limited services may not include credit cards, life insurance, or banking products, unless a request to provide those products is made by the governing board of the public institution of higher education or its authorized delegate. (Source: P.A. 103-552, eff. 8-11-23; 104-2, eff. 6-16-25.)

110 ILCS 95/3

(110 ILCS 95/3) (from Ch. 144, par. 1703) Sec. 3. Any income deferred under this Act shall continue to be included as regular compensation for the purpose of contributing to and receiving benefits from the retirement system of such employee. Any sum so deferred shall not be included in the computation of any federal or State income taxes withheld on behalf of such employee. (Source: P.A. 83-261.)