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91_SB1050
LRB9106113EGfg
1 AN ACT to amend the Illinois Pension Code by adding
2 Section 1-120.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 adding Section 1-120 as follows:
7 (40 ILCS 5/1-120 new)
8 Sec. 1-120. Payment to trust.
9 (a) If a person is a minor or has been determined by a
10 court to be under a legal disability, any benefits payable to
11 that person under this Code may be paid to the trustee of a
12 trust created for the sole benefit of that person while the
13 person is living, if the trustee of the trust has advised the
14 board of trustees of the pension fund or retirement system in
15 writing that the benefits will be held or used for the sole
16 benefit of that person. The pension fund or retirement
17 system shall not be required to determine the validity of the
18 trust or of any of the terms of the trust. The
19 representation of the trustee that the trust meets the
20 requirements of this Section shall be conclusive as to the
21 pension fund or retirement system. Payment of benefits to
22 the trust shall be an absolute discharge of the pension fund
23 or retirement system's liability with respect to the amounts
24 so paid.
25 (b) For purposes of this Section, "minor" means an
26 unmarried person under the age of 18.
27 (c) This Section is not a limitation on any other power
28 to pay benefits to or on behalf of a minor or person under
29 legal disability that is granted under this Code or other
30 applicable law.
-2- LRB9106113EGfg
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.