Personnel and Pensions Committee
Filed: 2/20/2009
|
|
|||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO HOUSE BILL 157
| ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 157 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
| ||||||
| 4 | "Section 5. The Illinois Pension Code is amended by | ||||||
| 5 | changing Section 24-105 as follows:
| ||||||
| 6 | (40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105)
| ||||||
| 7 | Sec. 24-105. The State Employees Deferred Compensation | ||||||
| 8 | Plan shall be
administered by the the Department of Central | ||||||
| 9 | Management Services
subject to the general
supervision of the | ||||||
| 10 | Illinois State Board of Investment. Participation in
such plan | ||||||
| 11 | shall be by a specific written agreement between each such
| ||||||
| 12 | employee and the State which agreement shall provide for the | ||||||
| 13 | deferral of
such amount of compensation as requested by the | ||||||
| 14 | employee. With each
distribution of compensation to a | ||||||
| 15 | participating employee, the employee
shall receive a | ||||||
| 16 | memorandum of the amount by which his gross compensation
for | ||||||
| |||||||
| |||||||
| 1 | the period involved is reduced by reason of the deferment of
| ||||||
| 2 | compensation, which amount shall not be included as a part of | ||||||
| 3 | his gross
compensation as to that period.
| ||||||
| 4 | Funds retained by the State as deferred compensation | ||||||
| 5 | pursuant to a
written deferred compensation agreement between | ||||||
| 6 | the State and
participating employees, may be invested in such | ||||||
| 7 | investments as are
deemed acceptable by the Illinois State | ||||||
| 8 | Board of Investment including,
but not limited to, life | ||||||
| 9 | insurance or annuity contracts or mutual funds.
All such | ||||||
| 10 | insurance, annuities, mutual funds, or other such investments
| ||||||
| 11 | utilized under this Plan shall have been reviewed and selected | ||||||
| 12 | by the
Board based on a competitive bidding process as | ||||||
| 13 | established by such
specifications and considerations as are | ||||||
| 14 | deemed appropriate by the
Board. Nothing in this Section should | ||||||
| 15 | be construed as requiring a
limitation on the number and | ||||||
| 16 | variety of insurance, annuity or mutual
fund contracts which | ||||||
| 17 | may be selected as a result of this bidding
process. The State | ||||||
| 18 | Board of Investment may also invest any funds retained
by the | ||||||
| 19 | State pursuant to a written deferred compensation agreement | ||||||
| 20 | between
the State and participating employees in share accounts | ||||||
| 21 | or share certificate
accounts of State or federal credit | ||||||
| 22 | unions, the accounts of which are insured
as required by The | ||||||
| 23 | Illinois Credit Union Act or the Federal Credit Union
Act, as | ||||||
| 24 | applicable. Any income and gain resulting from the investment | ||||||
| 25 | of
a deferred compensation account may be paid to the | ||||||
| 26 | participant as additional
compensation
for continued service | ||||||
| |||||||
| |||||||
| 1 | during the period of participation or be used in part
for | ||||||
| 2 | administrative expenses, all in accordance with the plan. Such | ||||||
| 3 | investments
and payments shall not be construed to be | ||||||
| 4 | prohibited uses of the general
assets of the State.
| ||||||
| 5 | (Source: P.A. 82-789.)".
| ||||||