(760 ILCS 40/2) (from Ch. 48, par. 39u)
Sec. 2.
No rule of law against perpetuities or suspension of the power of
alienation of the title to property shall operate to invalidate any trust
heretofore created or attempted to be created by an employer as part of a
stock bonus, pension, disability, death benefit, or profit sharing plan for
the benefit of some or all of his employees to which contributions are made
by the employer or employees or both, for the purpose of distributing to the employees
earnings or principal or both earnings and principal of the fund
held in trust, unless the trust is terminated by a court of competent
jurisdiction in a suit instituted within three years after the effective
date of this Act.
(Source: P.A. 103-154, eff. 6-30-23.)
|