Illinois General Assembly - Full Text of Public Act 098-0491
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Public Act 098-0491


 

Public Act 0491 98TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 098-0491
 
SB1534 EnrolledLRB098 06658 EFG 36702 b

    AN ACT concerning public employee benefits.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Pension Code is amended by changing
Section 24-105.1 as follows:
 
    (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. 89-478, eff. 6-18-96.)

Effective Date: 1/1/2014