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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.