98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB0450

 

Introduced 1/23/2013, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/24-101  from Ch. 108 1/2, par. 24-101

    Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.


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PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 24-101 as follows:
 
6    (40 ILCS 5/24-101)  (from Ch. 108 1/2, par. 24-101)
7    Sec. 24-101. Notwithstanding any law to the the contrary,
8the State of Illinois or any unit of local government or school
9district may enter into a written contract with any of its
10employees to defer a part of their gross compensation and may
11invest such funds in any such manner as prescribed by the
12deferred compensation program adopted by it under this Article.
13Compensation deferred pursuant to a deferred compensation
14program adopted under this Article shall not exceed the amount
15of compensation allowed to be deferred without being subject to
16income tax in the year in which it is earned, pursuant to
17Section 457 of the United States Internal Revenue Code or laws
18supplementary or amendatory thereto.
19    It is hereby declared to be in the public interest to
20provide public employees with a plan for the deferral of
21compensation and the accrual of income and gain thereon if such
22deferred compensation be invested, and to encourage the
23continued service of public employees by making available such

 

 

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1benefits to them.
2(Source: P.A. 82-145.)