Bill Text: IL SB0690 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning deferred compensation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-24 - Referred to Assignments [SB0690 Detail]

Download: Illinois-2025-SB0690-Introduced.html

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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
SB0690 LRB104 06998 RPS 17035 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by
changing Section 24-101 as follows:
(40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101)
Sec. 24-101. Notwithstanding any law to the the contrary,
the State of Illinois or any unit of local government or school
district may enter into a written contract with any of its
employees to defer a part of their gross compensation and may
invest such funds in any such manner as prescribed by the
deferred compensation program adopted by it under this
Article. Compensation deferred pursuant to a deferred
compensation program adopted under this Article shall not
exceed the amount of compensation allowed to be deferred
without being subject to income tax in the year in which it is
earned, pursuant to Section 457 of the United States Internal
Revenue Code or laws supplementary or amendatory thereto.
It is hereby declared to be in the public interest to
provide public employees with a plan for the deferral of
compensation and the accrual of income and gain thereon if
such deferred compensation be invested, and to encourage the
continued service of public employees by making available such

SB0690 - 2 - LRB104 06998 RPS 17035 b