104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB0690 Introduced 1/24/2025, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: 40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101 Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation. LRB104 06998 RPS 17035 b A BILL FOR 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB0690 Introduced 1/24/2025, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: 40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101 40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101 Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation. LRB104 06998 RPS 17035 b LRB104 06998 RPS 17035 b A BILL FOR
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB0690 Introduced 1/24/2025, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101 40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.
LRB104 06998 RPS 17035 b LRB104 06998 RPS 17035 b
LRB104 06998 RPS 17035 b
A BILL FOR
SB0690LRB104 06998 RPS 17035 b SB0690 LRB104 06998 RPS 17035 b
SB0690 LRB104 06998 RPS 17035 b
1 AN ACT concerning public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by
5 changing Section 24-101 as follows:
6 (40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
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
13 Article. Compensation deferred pursuant to a deferred
14 compensation program adopted under this Article shall not
15 exceed the amount of compensation allowed to be deferred
16 without being subject to income tax in the year in which it is
17 earned, pursuant to Section 457 of the United States Internal
18 Revenue Code or laws 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
22 such deferred compensation be invested, and to encourage the
23 continued service of public employees by making available such
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 SB0690 Introduced 1/24/2025, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101 40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.
LRB104 06998 RPS 17035 b LRB104 06998 RPS 17035 b
LRB104 06998 RPS 17035 b
A BILL FOR
40 ILCS 5/24-101 from Ch. 108 1/2, par. 24-101
LRB104 06998 RPS 17035 b
SB0690 LRB104 06998 RPS 17035 b
SB0690- 2 -LRB104 06998 RPS 17035 b SB0690 - 2 - LRB104 06998 RPS 17035 b
SB0690 - 2 - LRB104 06998 RPS 17035 b
SB0690 - 2 - LRB104 06998 RPS 17035 b