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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB0690 Introduced 1/24/2025, by Sen. Don Harmon 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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| | A BILL FOR |
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| | SB0690 | | LRB104 06998 RPS 17035 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by |
| 5 | | changing Section 24-101 as follows:
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| 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, |
| 8 | | the State of Illinois or any unit of local government or school |
| 9 | | district may enter into a written contract with any of its |
| 10 | | employees to defer a part of their gross compensation and may |
| 11 | | invest such funds in any such manner as prescribed by the |
| 12 | | deferred compensation program adopted by it under this |
| 13 | | Article. Compensation deferred pursuant to a deferred |
| 14 | | compensation program adopted under this Article shall not |
| 15 | | exceed the amount of compensation allowed to be deferred |
| 16 | | without being subject to income tax in the year in which it is |
| 17 | | earned, pursuant to Section 457 of the United States Internal |
| 18 | | Revenue Code or laws supplementary or amendatory thereto. |
| 19 | | It is hereby declared to be in the public interest to |
| 20 | | provide public employees with a plan for the deferral of |
| 21 | | compensation and the accrual of income and gain thereon if |
| 22 | | such deferred compensation be invested, and to encourage the |
| 23 | | continued service of public employees by making available such |