(40 ILCS 5/24-105.1)
Sec. 24-105.1. Changes in federal law. (a) To the extent that federal law or
regulations which require a governmental employer to own the assets of its
deferred compensation plan are changed to allow plans established under Section
457 of the Internal Revenue Code to hold their assets in trust, a custodial
account, an annuity contract, an insurance contract or some other contract, the
Department of Central Management Services and units of local government with
plans established under Section 24-107 shall within a reasonable time amend
their plans accordingly.
(b) To the extent that federal law or
regulations have been changed to allow plans established under Section
457 of the Internal Revenue Code to be amended to allow designated Roth contributions and in-plan rollovers to designated Roth accounts, the
Department of Central Management Services and units of local government with
plans established under Section 24-107 shall within a reasonable time amend
their plans accordingly. (Source: P.A. 98-491, eff. 1-1-14.)
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