Personnel and Pensions Committee
Filed: 2/20/2009
 
 

 




 

 		












09600HB0157ham001

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AMENDMENT TO HOUSE BILL 157 




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    AMENDMENT NO. ______. Amend House Bill 157  by replacing 
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everything after the enacting clause with the following:

 
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    "Section 5. The Illinois Pension Code is amended  by 
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changing 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 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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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. Nothing in this Section should 
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be construed as requiring a
limitation on the number and 
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variety of insurance, annuity or mutual
fund contracts which 
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may be selected as a result of this bidding
process.  The State 
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Board of Investment may also invest any funds retained
by the 
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State pursuant to a written deferred compensation agreement 
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between
the State and participating employees in share accounts 
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or share certificate
accounts of State or federal credit 
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unions, the accounts of which are insured
as required by The 
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Illinois Credit Union Act or the Federal Credit Union
Act, as 
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applicable.  Any income and gain resulting from the investment 
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of
a deferred compensation account may be paid to the 
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participant as additional
compensation
for continued service 
 


 






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during the period of participation or be used in part
for 
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administrative expenses, all in accordance with the plan.  Such 
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investments
and payments shall not be construed to be 
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prohibited uses of the general
assets of the State.

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(Source: P.A. 82-789.)".