Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/24-101

(40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)

Sec. 24-101.

Notwithstanding any law to the contrary, the State of
Illinois or any unit of local government or school district may enter
into a written contract with any of its employees to defer a part of
their gross compensation and may invest such funds in any
such manner as prescribed by the deferred compensation program adopted
by it under this Article.  Compensation deferred pursuant to a deferred
compensation program adopted under this Article shall not exceed the amount
of compensation allowed to be deferred without being subject to income tax
in the year in which it is earned, pursuant to Section 457 of the United
States Internal Revenue Code or laws supplementary or amendatory thereto.

It is hereby declared to be in the public interest to provide public employees
with a plan for the deferral of compensation and the accrual of income and
gain thereon if such deferred compensation be invested, and to encourage
the continued service of public employees by making available such benefits to them.

(Source: P.A. 82-145.)