TITLE 80: PUBLIC OFFICIALS AND EMPLOYEES
SUBTITLE H: DEFERRED COMPENSATION
CHAPTER I: ILLINOIS STATE BOARD OF INVESTMENT
PART 2700 STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN
SECTION 2700.410 ENROLLMENT
Section 2700.410 Enrollment
a) Any Employee eligible to participate in the Plan may become a Participant by agreeing in writing, on a form to be provided under the Plan, to a deferral of his or her Compensation.
b) The deferral shall commence no sooner than the first Pay Period of the month following the date the form is properly completed by the Employee, accepted by the Department, and for which the Agency payroll has not closed and provided that the form is completed in the month prior to the month in which the deferrals commence.
c) A new Employee may defer Compensation payable in the calendar month during which the Participant first becomes an Employee if an agreement providing for the deferral is entered into on or before the first day on which the Participant performs services for the State and before the first day of the month in which deferrals commence.
d) The amount to be deferred shall be selected by the Participant and will be agreed to at the time of enrollment. This amount may not be less than the minimum amount allowable or exceed the basic annual limitation.
e) The amount deferred may be changed by the Participant at any time. The change shall become effective no sooner than the first Pay Period of the month following the date the form is properly completed by the Employee and accepted by the Department.
f) A Participant's request to defer Compensation shall remain in effect until the Participant's Severance from Employment, unless revoked prior to that time. The Department shall suspend deferrals for the remainder of the calendar year for Participants who have deferred in excess of the allowable maximum. The Department shall also withdraw and return to the Participant the excess amount deferred.
g) Deferrals can be made by reductions in Compensation only.
h) The Participant election shall also include the designation of Investment Options and a designation of Beneficiary. This election shall remain in effect until a new election is filed.
i) Acceptance by the Department shall be granted whenever forms are properly completed and the criteria set by the Plan for acceptance are met.
(Source: Amended at 33 Ill. Reg. 13451, effective September 14, 2009)