Bill Text: IL SB2671 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB2671 Detail]
Download: Illinois-2011-SB2671-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||
5 | Section 24-101 as follows:
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6 | (40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
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7 | Sec. 24-101.
Notwithstanding any law to the
the contrary, | ||||||||||||||||||||||||
8 | the State of
Illinois or any unit of local government or school | ||||||||||||||||||||||||
9 | district may enter
into a written contract with any of its | ||||||||||||||||||||||||
10 | employees to defer a part of
their gross compensation and may | ||||||||||||||||||||||||
11 | invest such funds in any
such manner as prescribed by the | ||||||||||||||||||||||||
12 | deferred compensation program adopted
by it under this Article. | ||||||||||||||||||||||||
13 | Compensation deferred pursuant to a deferred
compensation | ||||||||||||||||||||||||
14 | program adopted under this Article shall not exceed the amount
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15 | of compensation allowed to be deferred without being subject to | ||||||||||||||||||||||||
16 | income tax
in the year in which it is earned, pursuant to | ||||||||||||||||||||||||
17 | Section 457 of the United
States Internal Revenue Code or laws | ||||||||||||||||||||||||
18 | supplementary or amendatory thereto. | ||||||||||||||||||||||||
19 | It is hereby declared to be in the public interest to | ||||||||||||||||||||||||
20 | provide public employees
with a plan for the deferral of | ||||||||||||||||||||||||
21 | compensation and the accrual of income and
gain thereon if such | ||||||||||||||||||||||||
22 | deferred compensation be invested, and to encourage
the | ||||||||||||||||||||||||
23 | continued service of public employees by making available such |
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1 | benefits to them.
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2 | (Source: P.A. 82-145.)
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