(30 ILCS 430/2) (from Ch. 127, par. 3752)
Sec. 2.
(a) The General Assembly hereby finds and declares that:
(1) the citizens of Illinois have a right to retirement incomes that allow
them to live in comfort, dignity, and security; (2) the usefulness of the
Individual Retirement Account in providing retirement benefits has been
narrowed significantly by recent changes in tax laws; (3) the ability to
invest in one's future and save for retirement is of benefit to not only
the individual but to the economy as a whole; and (4) a federally
tax-exempt investment program for retirement would ultimately benefit all
citizens of Illinois.
(b) It is the purpose of this Retirement Savings Act to provide a
suitable investment vehicle for Illinois residents to achieve a dignified
retirement. It is the intent of this Act to provide to the State of
Illinois an alternative low cost method of borrowing, within the purposes
authorized in the General Obligation Bond Act, as now or hereafter amended,
and which accomplishes these retirement objectives.
(Source: P.A. 86-892.)
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