(40 ILCS 5/7-199.3)
Sec. 7-199.3.
To establish and administer deferred compensation and
tax-deferred annuity programs for units of local government.
The Board may establish and administer deferred compensation, tax deferred
annuity, and similar tax-savings programs for employees of units of local
government, which shall be known as the "IMRF-Plus" program. The program shall
provide for the Board to review proposed investment offerings and shall require
that only investments determined to be acceptable by the Board may be used for
investing compensation contributed to the program.
The program shall include appropriate provisions pertaining to its day to day
operation, including methods of electing to contribute income, methods of
changing the amount of income contributed, methods of selecting from among
investment options available under the program, and any other provisions that
the Board may deem appropriate.
The program shall provide for the preparation of pamphlets describing the
program and outlining the options and opportunities available to local
government employees under the program. These pamphlets shall be distributed
from time to time to all eligible employees.
The program established under this Section shall not be implemented or
amended until the Board is satisfied that compensation contributed under the
program is not subject to income tax for the year in which it is earned and
that the taxation of such compensation will be deferred until the time of its
distribution to the employee.
The program shall also provide for the recovery of the expenses of its
administration by charging those expenses against the earnings from
investments, by charging fees equitably prorated among the participating local
government employees, or by some other appropriate and equitable method
determined by the Board. Different methods for recovery of administrative
expenses may be provided in relation to different types of investment programs,
and the Board may provide for the allocation of administration expenses among
varying types of programs for this purpose.
The Board shall review and oversee the administration of the program.
This Section does not limit the power or authority of any unit of local
government, school district, or institution supported in whole or in part by
public funds to establish and administer any other deferred compensation plans
or tax-deferred annuity programs that may be authorized by law.
(Source: P.A. 90-448, eff. 8-16-97.)
|