Section 721.500  Accounts

a)         Accounts are IRAs into which participants contribute funds that, in turn, are invested in investment options established by the Board pursuant to Section 721.330, such as a Life-Cycle Fund Option. A separate account will be established for each participant and accounts are owned by the participant.

b)         The savings accounts established under the Program shall be portable and allow for an enrollee to make contributions from multiple employers into a single account, either simultaneously or separately throughout the enrollee's lifetime.

c)         An enrollee in the Program may have both a Roth IRA and a Traditional IRA through the Program.

(Source:  Amended at 50 Ill. Reg. 1685, effective January 14, 2026)