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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0552
Introduced 2/6/2009, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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40 ILCS 5/24-101 |
from Ch. 108 1/2, par. 24-101 |
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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 | |
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A BILL FOR
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SB0552 |
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LRB096 06605 AMC 16689 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 24-101 as follows:
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| (40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
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| Sec. 24-101.
Notwithstanding any law to the
the contrary, |
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| the State of
Illinois or any unit of local government or school |
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| district may enter
into a written contract with any of its |
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| employees to defer a part of
their gross compensation and may |
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| invest such funds in any
such manner as prescribed by the |
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| deferred compensation program adopted
by it under this Article. |
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| Compensation deferred pursuant to a deferred
compensation |
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| program adopted under this Article shall not exceed the amount
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| of compensation allowed to be deferred without being subject to |
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| income tax
in the year in which it is earned, pursuant to |
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| Section 457 of the United
States Internal Revenue Code or laws |
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| supplementary or amendatory thereto. |
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| It is hereby declared to be in the public interest to |
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| provide public employees
with a plan for the deferral of |
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| compensation and the accrual of income and
gain thereon if such |
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| deferred compensation be invested, and to encourage
the |
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| continued service of public employees by making available such |