94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0811


 
Introduced 2/18/2005, by Sen. Iris Y. Martinez - Emil Jones, Jr.
 
SYNOPSIS AS INTRODUCED:
 		













40 ILCS 5/24-101
  from Ch. 108 1/2, par. 24-101







    Amends the Illinois Pension Code.  Makes a technical change in a Section
concerning deferred compensation.
















LRB094 04438 AMC 34467 b

















PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 









SB0811

LRB094 04438 AMC 34467 b






1
    AN ACT concerning public employee benefits.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
4
    Section 5. The Illinois Pension Code is amended by changing 
5
Section 24-101 as follows:
 



6
    (40 ILCS 5/24-101)  (from Ch. 108 1/2, par. 24-101)



7
    Sec. 24-101. Notwithstanding any law to the
the contrary, 
8
the State of
Illinois or any unit of local government or school 
9
district may enter
into a written contract with any of its 
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employees to defer a part of
their gross compensation and may 
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invest such funds in any
such manner as prescribed by the 
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deferred compensation program adopted
by it under this Article.  
13
Compensation deferred pursuant to a deferred
compensation 
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program adopted under this Article shall not exceed the amount

15
of compensation allowed to be deferred without being subject to 
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income tax
in the year in which it is earned, pursuant to 
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Section 457 of the United
States Internal Revenue Code or laws 
18
supplementary or amendatory thereto.
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    It is hereby declared to be in the public interest to 
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provide public employees
with a plan for the deferral of 
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compensation and the accrual of income and
gain thereon if such 
22
deferred compensation be invested, and to encourage
the 
23
continued service of public employees by making available such 
24
benefits to them.

25
(Source: P.A. 82-145.)