Section 2700.450  Revocation of Deferral

a)         Any Participant may revoke his or her election to have Compensation deferred by completing the Revocation Section of the Enrollment Form.

b)         Following notice of revocation, the Participant's full Compensation shall be restored as soon as possible.  In no case shall deductions continue later than the Pay Period occurring 30 days after receipt of the revocation form and any other forms requested by the Department to fulfill the requirements of the Office of the Comptroller or any other State agency.

c)         The Department shall suspend a Participant's deferrals for the remainder of the calendar year when the Participant has deferred in excess of the allowable maximum and shall withdraw and return the excess amount deferred consistent with Section 2700.440(f) of this Part.

d)         Revocation shall not cause distribution of the Participant's Account.

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