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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5765
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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40 ILCS 5/24-101 |
from Ch. 108 1/2, par. 24-101 |
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Amends the Illinois Pension Code. Makes a technical change in a Section
concerning deferred compensation.
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| PENSION IMPACT NOTE ACT MAY APPLY | |
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A BILL FOR
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HB5765 |
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LRB093 17260 LRD 42926 b |
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| AN ACT in relation to pensions.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section
24-101 as follows:
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| (40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
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| Sec. 24-101. Deferred compensation program. |
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| Notwithstanding any law
to the contrary, the State of Illinois |
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| or any unit of local government or
school district may enter |
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| into a written contract with any of its employees
to defer a |
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| part of their gross compensation and may invest such funds in |
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| any
such manner as prescribed by the deferred compensation |
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| program adopted
by it under this Article. Compensation deferred |
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| pursuant to a deferred
compensation program adopted under this |
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| Article shall not exceed the amount
of compensation allowed to |
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| be deferred without being subject to income tax
in the year in |
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| which it is earned, pursuant to Section 457 of the United
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| States Internal Revenue Code or laws supplementary or |
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| amendatory thereto.
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| It is hereby declared to be in the public interest to |
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| provide public
employees with a plan for the deferral of |
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| compensation and the accrual of
income and gain thereon if such |
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| deferred compensation be invested, and to
encourage the |
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| continued service of public employees by making available such
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| benefits to them.
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| (Source: P.A. 82-145.)
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