760 ILCS 40/ Trusts for Employees Act.

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TRUSTS AND FIDUCIARIES
(760 ILCS 40/) Trusts for Employees Act.

760 ILCS 40/0.01

(760 ILCS 40/0.01) (from Ch. 48, par. 39s-90)

Sec. 0.01.

Short title.

This Act may be cited as the

Trusts for Employees Act.

(Source: P.A. 86-1324.)

760 ILCS 40/1

(760 ILCS 40/1) (from Ch. 48, par. 39t)

Sec. 1.

A trust created as a part of a plan for the benefit of some or all
of the employees of one or more employers, including, but without
limitation, a stock bonus, pension, disability, death benefit, profit
sharing, unemployment benefit or other plan, for the purpose of
distributing for the benefit of the employees, including their
beneficiaries, the earnings or the principal, or both earnings and
principal, of the fund held in trust, may continue in perpetuity or for
such time as may be necessary to accomplish the purpose for which it is
created, and shall not be invalid as violating any rule of law against
perpetuities or suspension of the power of alienation of the title to
property.

(Source: P.A. 103-154, eff. 6-30-23.)

760 ILCS 40/2

(760 ILCS 40/2) (from Ch. 48, par. 39u)

Sec. 2.

No rule of law against perpetuities or suspension of the power of
alienation of the title to property shall operate to invalidate any trust
heretofore created or attempted to be created by an employer as part of a
stock bonus, pension, disability, death benefit, or profit sharing plan for
the benefit of some or all of his employees to which contributions are made
by the employer or employees or both, for the purpose of distributing to the employees
 earnings or principal or both earnings and principal of the fund
held in trust, unless the trust is terminated by a court of competent
jurisdiction in a suit instituted within three years after the effective
date of this Act.

(Source: P.A. 103-154, eff. 6-30-23.)

760 ILCS 40/2a

(760 ILCS 40/2a) (from Ch. 48, par. 39u1)

Sec. 2a.

No rule of law against perpetuities or suspension of the power of
alienation of the title to property shall operate to invalidate any trust
of the sort described in Section 1 of this Act heretofore created or
attempted to be created unless the trust is terminated by the circuit court
in a suit instituted within 3 years after the
effective date of this amendatory act of 1957.

(Source: P.A. 79-1360.)

760 ILCS 40/3

(760 ILCS 40/3) (from Ch. 48, par. 39v)

Sec. 3.

If any provision of this Act or the application thereof is held invalid,
such invalidity shall not affect other provisions or applications of the
Act which can be given effect without the invalid provision or application,
and to this end the provisions of this Act are declared to be severable.

(Source: Laws 1945, p. 761.)