SB1534 EngrossedLRB098 06658 EFG 36702 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 24-105.1 as follows:
 
6    (40 ILCS 5/24-105.1)
7    Sec. 24-105.1. Changes in federal law.
8    (a) To the extent that federal law or regulations which
9require a governmental employer to own the assets of its
10deferred compensation plan are changed to allow plans
11established under Section 457 of the Internal Revenue Code to
12hold their assets in trust, a custodial account, an annuity
13contract, an insurance contract or some other contract, the
14Department of Central Management Services and units of local
15government with plans established under Section 24-107 shall
16within a reasonable time amend their plans accordingly.
17    (b) To the extent that federal law or regulations have been
18changed to allow plans established under Section 457 of the
19Internal Revenue Code to be amended to allow designated Roth
20contributions and in-plan rollovers to designated Roth
21accounts, the Department of Central Management Services and
22units of local government with plans established under Section
2324-107 shall within a reasonable time amend their plans

 

 

SB1534 Engrossed- 2 -LRB098 06658 EFG 36702 b

1accordingly.
2(Source: P.A. 89-478, eff. 6-18-96.)