(215 ILCS 5/150.1) (from Ch. 73, par. 762.1)
Sec. 150.1.
No company doing business in this State shall enter into a
group contract for an annuity or pension plan to cover employees of the
State, its agencies, instrumentalities, political subdivisions or municipal
corporations prior to the time such employees are granted membership in any
established retirement system or pension fund, by whatever name called,
created by and operating pursuant to any of the provisions of the "Illinois
Pension Code" if such employees are eligible for coverage under such
statute; provided that this provision shall not apply to any contract
entered into by a company for such annuity or pension plan for any such
group of employees prior to the effective date of this amendatory Act.
(Source: Laws 1967, p. 3002.)
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