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IL SB1534

Bill

Official Source

Status

Passed

8/16/2013

Primary Sponsor

Chapin Rose

Click for details

Origin

Senate

98th General Assembly

AI Summary

  • Amends Section 24-105.1 of the Illinois Pension Code concerning changes in federal law and deferred compensation plans
  • Requires the Department of Central Management Services and local government units to amend Section 457 deferred compensation plans if federal law changes to allow asset holdings in trusts, custodial accounts, annuities, insurance contracts, or other arrangements
  • Requires plan amendments within a reasonable time to allow designated Roth contributions and in-plan rollovers to designated Roth accounts under Section 457 plans, if permitted by federal law changes
  • Applies to both state and local government employee deferred compensation plans established under Section 24-107 of the Illinois Pension Code

Legislative Description

DEFERRED COMP-ROTH ROLLOVERS

Last Action

Public Act . . . . . . . . . 98-0491

8/16/2013

Committee Referrals

Personnel & Pensions5/6/2013
Rules4/11/2013
State Government & Veterans Affairs2/27/2013
Assignments2/13/2013

Full Bill Text

No bill text available