Bill Text: IL SB2671 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB2671 Detail]

Download: Illinois-2011-SB2671-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB2671 Introduced 1/18/2012, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
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
A BILL FOR
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AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 24-101 as follows:
(40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
Sec. 24-101. Notwithstanding any law to the 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

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benefits to them.
(Source: P.A. 82-145.)