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| | SB1534 Engrossed | | LRB098 06658 EFG 36702 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,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 24-105.1 as follows:
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| 6 | | (40 ILCS 5/24-105.1)
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| 7 | | Sec. 24-105.1. Changes in federal law. |
| 8 | | (a) To the extent that federal law or
regulations which |
| 9 | | require a governmental employer to own the assets of its
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| 10 | | deferred compensation plan are changed to allow plans |
| 11 | | established under Section
457 of the Internal Revenue Code to |
| 12 | | hold their assets in trust, a custodial
account, an annuity |
| 13 | | contract, an insurance contract or some other contract, the
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| 14 | | Department of Central Management Services and units of local |
| 15 | | government with
plans established under Section 24-107 shall |
| 16 | | within a reasonable time amend
their plans accordingly.
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| 17 | | (b) To the extent that federal law or
regulations have been |
| 18 | | changed to allow plans established under Section
457 of the |
| 19 | | Internal Revenue Code to be amended to allow designated Roth |
| 20 | | contributions and in-plan rollovers to designated Roth |
| 21 | | accounts, the
Department of Central Management Services and |
| 22 | | units of local government with
plans established under Section |
| 23 | | 24-107 shall within a reasonable time amend
their plans |