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90_SB0466
215 ILCS 5/150.1 from Ch. 73, par. 762.1
Amends the Illinois Insurance Code. Adds a caption to a
Section concerning annuities offered to certain government
employees.
LRB9002847JSgc
LRB9002847JSgc
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 150.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 150.1 as follows:
7 (215 ILCS 5/150.1) (from Ch. 73, par. 762.1)
8 Sec. 150.1. Annuity and pension plans for state and local
9 government employees. No company doing business in this State
10 shall enter into a group contract for an annuity or pension
11 plan to cover employees of the State, its agencies,
12 instrumentalities, political subdivisions or municipal
13 corporations prior to the time such employees are granted
14 membership in any established retirement system or pension
15 fund, by whatever name called, created by and operating
16 pursuant to any of the provisions of the "Illinois Pension
17 Code" if such employees are eligible for coverage under such
18 statute; provided that this provision shall not apply to any
19 contract entered into by a company for such annuity or
20 pension plan for any such group of employees prior to the
21 effective date of this amendatory Act.
22 (Source: Laws 1967, p. 3002.)