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91_HB0817
LRB914542EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 24-101.
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 24-101 as follows:
7 (40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
8 Sec. 24-101. Deferred compensation programs.
9 Notwithstanding any law to the contrary, the State of
10 Illinois or any unit of local government or school district
11 may enter into a written contract with any of its employees
12 to defer a part of their gross compensation and may invest
13 such funds in any such manner as prescribed by the deferred
14 compensation program adopted by it under this Article.
15 Compensation deferred pursuant to a deferred compensation
16 program adopted under this Article shall not exceed the
17 amount of compensation allowed to be deferred without being
18 subject to income tax in the year in which it is earned,
19 pursuant to Section 457 of the United States Internal Revenue
20 Code or laws supplementary or amendatory thereto.
21 It is hereby declared to be in the public interest to
22 provide public employees with a plan for the deferral of
23 compensation and the accrual of income and gain thereon if
24 such deferred compensation be invested, and to encourage the
25 continued service of public employees by making available
26 such benefits to them.
27 (Source: P.A. 82-145.)
28 Section 99. Effective date. This Act takes effect upon
29 becoming law.