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Public Act 098-0491
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| SB1534 Enrolled | LRB098 06658 EFG 36702 b |
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by changing |
Section 24-105.1 as follows:
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(40 ILCS 5/24-105.1)
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Sec. 24-105.1. Changes in federal law. |
(a) To the extent that federal law or
regulations which |
require a governmental employer to own the assets of its
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deferred compensation plan are changed to allow plans |
established under Section
457 of the Internal Revenue Code to |
hold their assets in trust, a custodial
account, an annuity |
contract, an insurance contract or some other contract, the
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Department of Central Management Services and units of local |
government with
plans established under Section 24-107 shall |
within a reasonable time amend
their plans accordingly.
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(b) To the extent that federal law or
regulations have been |
changed to allow plans established under Section
457 of the |
Internal Revenue Code to be amended to allow designated Roth |
contributions and in-plan rollovers to designated Roth |
accounts, the
Department of Central Management Services and |
units of local government with
plans established under Section |
24-107 shall within a reasonable time amend
their plans |