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HB5521 Engrossed |
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LRB095 19288 AMC 45577 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 24-105 as follows:
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| (40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105)
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| Sec. 24-105. The State Employees Deferred Compensation |
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| Plan shall be
administered by the Department of Central |
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| Management Services
subject to the general
supervision of the |
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| Illinois State Board of Investment. Participation in
such plan |
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| shall be by a specific written agreement between each such
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| employee and the State which agreement shall provide for the |
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| deferral of
such amount of compensation as requested by the |
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| employee. With each
distribution of compensation to a |
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| participating employee, the employee
shall receive a |
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| memorandum of the amount by which his gross compensation
for |
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| the period involved is reduced by reason of the deferment of
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| compensation, which amount shall not be included as a part of |
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| his gross
compensation as to that period.
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| Funds retained by the State as deferred compensation |
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| pursuant to a
written deferred compensation agreement between |
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| the State and
participating employees, may be invested in such |
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| investments as are
deemed acceptable by the Illinois State |
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HB5521 Engrossed |
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LRB095 19288 AMC 45577 b |
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| Board of Investment including,
but not limited to, life |
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| insurance or annuity contracts or mutual funds.
All such |
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| insurance, annuities, mutual funds, or other such investments
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| utilized under this Plan shall have been reviewed and selected |
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| by the
Board based on a competitive bidding process as |
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| established by such
specifications and considerations as are |
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| deemed appropriate by the
Board. The Illinois State Board of |
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| Investment may not (i) select any life insurance or annuity |
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| contract or mutual fund, or any other investment vehicle, as an |
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| investment vehicle or (ii) enter into any contract after the |
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| effective date of this amendatory Act of the 95th General |
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| Assembly or make any amendment to a contract entered into on or |
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| before the effective date of this amendatory Act of the 95th |
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| General Assembly, unless it is first reviewed and approved by |
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| the Commission on Government Forecasting and Accountability. |
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| Nothing in this Section should be construed as requiring a
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| limitation on the number and variety of insurance, annuity or |
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| mutual
fund contracts which may be selected as a result of this |
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| bidding
process. The State Board of Investment may also invest |
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| any funds retained
by the State pursuant to a written deferred |
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| compensation agreement between
the State and participating |
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| employees in share accounts or share certificate
accounts of |
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| State or federal credit unions, the accounts of which are |
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| insured
as required by The Illinois Credit Union Act or the |
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| Federal Credit Union
Act, as applicable. Any income and gain |
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| resulting from the investment of
a deferred compensation |