State of Illinois
90th General Assembly
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90_HB1496

      40 ILCS 5/14-104.7        from Ch. 108 1/2, par. 14-104.7
          Amends the State Employee Article of  the  Pension  Code.
      Corrects  a  reference  to the Internal Revenue Code of 1986.
      Effective immediately.
                                                     LRB9004281EGfg
                                               LRB9004281EGfg
 1        AN ACT to amend the Illinois  Pension  Code  by  changing
 2    Section 14-104.7.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The  Illinois  Pension  Code  is  amended  by
 6    changing Section 14-104.7 as follows:
 7        (40 ILCS 5/14-104.7) (from Ch. 108 1/2, par. 14-104.7)
 8        Sec. 14-104.7. Payments and rollovers.
 9        (a)  The  Board may adopt rules prescribing the manner of
10    repaying  refunds  and  purchasing   any   optional   credits
11    permitted  under  this  Article.  The rules may prescribe the
12    manner  of  calculating  interest  when  such   payments   or
13    repayments are made in installments.
14        (b)  Rollover  contributions  from other retirement plans
15    qualified under the federal U.S.  Internal  Revenue  Code  of
16    1986 may be used to purchase any optional credit or repay any
17    refund permitted under this Article.
18    (Source: P.A. 86-1488.)
19        Section  99.  Effective date.  This Act takes effect upon
20    becoming law.

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