|
|
|
HB5521 Engrossed |
|
LRB095 19288 AMC 45577 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 24-105 as follows:
|
6 |
| (40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105)
|
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
|
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
|
18 |
| compensation, which amount shall not be included as a part of |
19 |
| his gross
compensation as to that period.
|
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 |
|
|
|
HB5521 Engrossed |
- 2 - |
LRB095 19288 AMC 45577 b |
|
|
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
|
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
|
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 |