|
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0450 Introduced 1/23/2013, by Sen. John J. Cullerton 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.
|
| |
| | | PENSION IMPACT NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | SB0450 | | LRB098 04688 EFG 34716 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 |
| 10 | | employees to defer a part of
their gross compensation and may |
| 11 | | invest such funds in any
such manner as prescribed by the |
| 12 | | deferred compensation program adopted
by it under this Article. |
| 13 | | Compensation deferred pursuant to a deferred
compensation |
| 14 | | program adopted under this Article shall not exceed the amount
|
| 15 | | of compensation allowed to be deferred without being subject to |
| 16 | | income tax
in the year in which it is earned, pursuant to |
| 17 | | Section 457 of the United
States Internal Revenue Code or laws |
| 18 | | supplementary or amendatory thereto. |
| 19 | | It is hereby declared to be in the public interest to |
| 20 | | provide public employees
with a plan for the deferral of |
| 21 | | 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 |