Section 2700.410  Enrollment

a)         Any Employee eligible to participate in the Plan may become a Participant by agreeing in writing, on a form to be provided by the Department, to a deferment of his or her Compensation.

b)         The deferment will commence no sooner than the first Pay Period of the month following the date the form is properly completed by the Employee, accepted by the Department, and for which the Agency payroll has not closed.

c)         A new Employee may defer Compensation payable in the calendar month during which the Participant first becomes an Employee if an agreement providing for the deferral is entered into on or before the first day on which the Participant performs services for the State.

d)         The amount to be deferred will be selected by the Participant and will be agreed to at the time of enrollment.  This amount may not be less than the minimum amount allowable or exceed the basic annual limitation.

e)         The amount deferred may be changed by the Participant at any time. The change shall become effective no sooner than the first Pay Period of the month following the date the form is properly completed by the Employee and accepted by the Department.

f)          A Participant's request to defer Compensation shall remain in effect until the Participant's Severance from Employment, unless revoked prior to that time.  The Department shall suspend deferrals for the remainder of the calendar year for Participants who have deferred in excess of the allowable maximum. The Department shall also withdraw and return to the Participant the excess amount deferred.

g)         Deferrals can be made by reductions in Compensation only.

h)         The Participant election shall also include the designation of Investment Funds and a designation of Beneficiary.  This election shall remain in effect until a new election is filed.

i)          Acceptance by the Department shall be granted whenever forms are properly completed and the criteria set by the Plan for acceptance are met.

(Source:  Amended at 30 Ill. Reg. 8408, effective April 21, 2006)