Section 2700.420  Minimum Deferment

a)         Each Employee who becomes a Participant must agree to defer a minimum amount of $10 per Pay Period or $20 per month, whichever is greater.

b)         The minimum for an Employee who is a contractual Employee, who is participating in the Plan and who uses the Plan as an Alternate Retirement System as defined in regulations for Code section 3121(b)(7)(F) is 7.5% of Compensation each Pay Period unless the minimum is changed by Code section 3121(b)(7)(F) regulations, in which case the minimum is whatever is prescribed by the Code.  If the 7.5% minimum is less than $10 a Pay Period or $20 a month, the latter becomes the minimum.

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