97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5865

 

Introduced 2/16/2012, by Rep. Chapin Rose

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/24-105.1

    Amends the Deferred Compensation Article of the Illinois Pension Code. Provides that to the extent that federal law or regulations have been changed to allow plans established under Section 457 of the Internal Revenue Code to be amended to allow designated Roth contributions and in-plan rollovers to designated Roth accounts, the Department of Central Management Services and units of local government with such plans shall within a reasonable time amend their plans accordingly.


LRB097 17969 EFG 63192 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5865LRB097 17969 EFG 63192 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 24-105.1 as follows:
 
6    (40 ILCS 5/24-105.1)
7    Sec. 24-105.1. Changes in federal law.
8    (a) To the extent that federal law or regulations which
9require a governmental employer to own the assets of its
10deferred compensation plan are changed to allow plans
11established under Section 457 of the Internal Revenue Code to
12hold their assets in trust, a custodial account, an annuity
13contract, an insurance contract or some other contract, the
14Department of Central Management Services and units of local
15government with plans established under Section 24-107 shall
16within a reasonable time amend their plans accordingly.
17    (b) To the extent that federal law or regulations have been
18changed to allow plans established under Section 457 of the
19Internal Revenue Code to be amended to allow designated Roth
20contributions and in-plan rollovers to designated Roth
21accounts, the Department of Central Management Services and
22units of local government with plans established under Section
2324-107 shall within a reasonable time amend their plans

 

 

HB5865- 2 -LRB097 17969 EFG 63192 b

1accordingly.
2(Source: P.A. 89-478, eff. 6-18-96.)