IL SB2938

Amends Section 24-101 of the Illinois Pension Code concerning deferred compensation programs for public employees.

Makes a technical correction by removing a duplicate instance of the word "the" in the section text.

Allows the State of Illinois, local government units, and school districts to enter written contracts with employees to defer portions of their gross compensation.

Limits deferred compensation to amounts allowed under Section 457 of the Internal Revenue Code without being subject to income tax in the year earned.

Declares it is in the public interest to provide public employees with deferred compensation plans to encourage continued service.