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
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
24 benefits to them.
25 (Source: P.A. 82-145.)