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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||
5 | Section 24-105 as follows:
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6 | (40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105)
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7 | Sec. 24-105. The State Employees Deferred Compensation | ||||||||||||||||||||||||
8 | Plan shall be
administered by the Department of Central | ||||||||||||||||||||||||
9 | Management Services
subject to the general
supervision of the | ||||||||||||||||||||||||
10 | Illinois State Board of Investment. Participation in
such plan | ||||||||||||||||||||||||
11 | shall be by a specific written agreement between each such
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12 | employee and the State which agreement shall provide for the | ||||||||||||||||||||||||
13 | deferral of
such amount of compensation as requested by the | ||||||||||||||||||||||||
14 | employee. With each
distribution of compensation to a | ||||||||||||||||||||||||
15 | participating employee, the employee
shall receive a | ||||||||||||||||||||||||
16 | memorandum of the amount by which his gross compensation
for | ||||||||||||||||||||||||
17 | the period involved is reduced by reason of the deferment of
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18 | compensation, which amount shall not be included as a part of | ||||||||||||||||||||||||
19 | his gross
compensation as to that period.
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20 | Funds retained by the State as deferred compensation | ||||||||||||||||||||||||
21 | pursuant to a
written deferred compensation agreement between | ||||||||||||||||||||||||
22 | the State and
participating employees, may be invested in such | ||||||||||||||||||||||||
23 | investments as are
deemed acceptable by the Illinois State |
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1 | Board of Investment including,
but not limited to, life | ||||||
2 | insurance or annuity contracts or mutual funds.
All such | ||||||
3 | insurance, annuities, mutual funds, or other such investments
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4 | utilized under this Plan shall have been reviewed and selected | ||||||
5 | by the
Board based on a competitive bidding process as | ||||||
6 | established by such
specifications and considerations as are | ||||||
7 | deemed appropriate by the
Board. The Illinois State Board of | ||||||
8 | Investment may not (i) select any life insurance or annuity | ||||||
9 | contract or mutual fund, or any other investment vehicle, as an | ||||||
10 | investment vehicle or (ii) enter into any contract after the | ||||||
11 | effective date of this amendatory Act of the 95th General | ||||||
12 | Assembly or make any amendment to a contract entered into on or | ||||||
13 | before the effective date of this amendatory Act of the 95th | ||||||
14 | General Assembly, unless it is first reviewed and approved by | ||||||
15 | the Commission on Government Forecasting and Accountability. | ||||||
16 | Nothing in this Section should be construed as requiring a
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17 | limitation on the number and variety of insurance, annuity or | ||||||
18 | mutual
fund contracts which may be selected as a result of this | ||||||
19 | bidding
process. The State Board of Investment may also invest | ||||||
20 | any funds retained
by the State pursuant to a written deferred | ||||||
21 | compensation agreement between
the State and participating | ||||||
22 | employees in share accounts or share certificate
accounts of | ||||||
23 | State or federal credit unions, the accounts of which are | ||||||
24 | insured
as required by The Illinois Credit Union Act or the | ||||||
25 | Federal Credit Union
Act, as applicable. Any income and gain | ||||||
26 | resulting from the investment of
a deferred compensation |
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1 | account may be paid to the participant as additional
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2 | compensation
for continued service during the period of | ||||||
3 | participation or be used in part
for administrative expenses, | ||||||
4 | all in accordance with the plan. Such investments
and payments | ||||||
5 | shall not be construed to be prohibited uses of the general
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6 | assets of the State.
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7 | (Source: P.A. 82-789.)
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8 | Section 99. Effective date. This Act takes effect upon | ||||||
9 | becoming law.
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