reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart C - ADMINISTRATION › Section 2700.311 - Standards Governing the Selection of Investment Options

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Board, in consultation with investment
				staff and an independent investment consultant, is responsible for the
				selection and monitoring of the Investment Options for the Plan.
b) The objective of the Board is to offer a
				sufficient range of Investment Options with materially different risk and
				return characteristics to allow Plan Participants, by choosing among those
				Investment Options, the opportunity to diversify their account balances and
				construct portfolios consistent with their unique individual circumstances,
				goals, time horizons, and tolerance for risk.
c) The screening process used by the Board to
				select Investment Options for inclusion in the Plan will consider attributes
				relevant to the specific asset class and search objective, as developed by the
				investment staff and investment consultant. The attributes for passively
				managed investment options designed to track the return and risk
				characteristics of a specific index may differ from the attributes considered
				for actively managed strategies. The Board's screening process for certain
				attributes may differ from the following selection criteria in an effort to
				identify the most suitable Investment Options. Attributes may include, but are
				not limited to, the following:
1) Registration
				with the Securities and Exchange Commission under the Investment Advisors Act
				of 1940 (15 U.S.C.
				80b-1 through
				80b-21) ;
2) A minimum number of years of verifiable
				firm and team performance history;
3) A minimum number of years for portfolio
				manager tenure and experience;
4)
				Robustness of firm's investment philosophy and process;
5) Historical performance and risk review of
				cumulative, annual and rolling time periods;
6) Classification of style to determine the
				basis to compare to other investment managers and investment options with
				similar investment style/strategy and to determine if there has been deviation
				from style over time;
7) A minimum
				level of product and strategy size;
8) Firm's trading, back office, accounting,
				reporting and client servicing capabilities; and
9) Fees.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart C - ADMINISTRATION › Section 2700.312 - Responsibilities of the Pay Agency

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The Pay Agency shall receive salary deferral elections and revocations from the
				Recordkeeper and the Department and then apply them to the first appropriate
				Pay Period and ongoing Pay Periods according to the rules of the
				Plan.
b) The Pay Agency shall
				monitor for and suspend a Participant's deferrals for the remainder of the
				calendar year when the Participant has deferred the allowable
				maximum.
c) The Pay Agency shall
				work with the Department and Recordkeeper as needed to withdraw and return any
				excess amount deferred consistent with Section
				2700.440(f).
				This subsection (c) does not apply to Loan repayments under Section
				2700.770.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart C - ADMINISTRATION › Section 2700.315 - Responsibilities of the Recordkeeper

Current through Register Vol. 48, No. 28, July 12, 2024
The Recordkeeper shall:
a) accept Plan contributions from the
				Department and cause those contributions to be invested among the Investment
				Options, as directed by the Participant;
b) accept Plan enrollments and deferral
				elections from Participants on behalf of the State of Illinois containing the
				amounts and/or percentages of Compensation to be deferred and communicate any
				changes to the Pay Agencies;
c)
				process distributions upon receipt of information from the Department that
				indicates that a Participant is eligible for distribution;
d) process changes to Investment Options, as
				directed by the Board;
e) process
				changes to investment allocations, as requested by the Participant, provided
				that the allocation is made to one of the available Investment Options and that
				the allocation reconciles with the Department's instructions, based upon the
				request from the Participant, for allocating the contribution;
f) provide the production, printing and
				assembly of enrollment kits for distribution to eligible employees and provide
				enrollment representatives to assist with employee meetings;
g) prepare and distribute any notices
				required under Internal Revenue Code, including but not limited to annual
				notices to Participants who are automatically enrolled in the plan pursuant to
				Section 2700.410.
h) process all requests for hardship
				distribution due to an Unforeseeable Emergency resulting from:
1) payment for the burial or funeral expenses
				for the parent, spouse and/or qualifying dependent of the
				Participant;
2) costs associated
				with preventing eviction from, or foreclosure on the mortgage of, the
				Participant's primary residence;
3)
				expenses for the repair of damage to the Participant's principal residence that
				would qualify for the casualty deduction under section 165 of the Code
				(regardless of whether the loss exceeds 10% of the Participant's adjusted gross
				income) beyond insurance reimbursement;
4) unreimbursed medical expenses resulting
				from sudden illness or accident of the Participant or the Participant's spouse
				and/or qualifying dependents;
5)
				expenses and losses, including loss of income, incurred due to a disaster
				declared by the Federal Emergency Management Agency (FEMA) where the
				Participant's principal residence or principal place of employment is located
				in an area for which FEMA is providing individual assistance for the disaster;
				or
6) other extraordinary and
				unforeseeable circumstances arising as a result of events beyond the
				Participant's control that create a financial hardship;
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart C - ADMINISTRATION › Section 2700.320 - Deferred Compensation Hardship Committee

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Hardship Committee shall be formed that
				shall be responsible for determining whether any Participant has suffered an
				Unforeseeable Emergency and is entitled to a distribution under Section
				2700.740
				of this Part.
b) Members of the
				Hardship Committee shall include:
1) one
				Department employee;
2) one
				representative of the Board; and
3)
				one person appointed by the Department who is not an employee of the
				Department.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart C - ADMINISTRATION › Section 2700.330 - Applicable Law

Current through Register Vol. 48, No. 28, July 12, 2024
This Plan shall be construed, administered and governed in
				  all respects under and by the laws of the State of Illinois and the
				  Code.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.400 - Eligibility

Current through Register Vol. 48, No. 28, July 12, 2024
All Employees shall be eligible to participate in the Plan
				  and defer Compensation immediately upon becoming employed by the
				  Employer.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.410 - Enrollment

Current through Register Vol. 48, No. 28, July 12, 2024
a) Auto-Enrollment Eligible Employees
1) An Auto-Enrollment Eligible Employee may
				make one of two affirmative elections during the Auto-Enrollment Opt-Out
				period:
A) Not to have Contributions made;
				or
B) To become a Participant in
				the Plan under subsection (b).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.415 - Designation of Beneficiary

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				Participant may designate a Beneficiary or Beneficiaries who shall receive any
				balance in the Participant's Deferred Compensation Account in the event of the
				Participant's death.
b) A
				designation of Beneficiary shall be effective for subsequent distributions when
				received by the Department or the Recordkeeper. The designation shall be
				provided in a manner prescribed by the Department and Recordkeeper.
c) A Participant may, at any time, change
				their Beneficiary in a format prescribed by the Department and Recordkeeper on
				the Recordkeeper's website or a Participant may call the Recordkeeper to
				request a paper form.
d) No
				Beneficiary shall have any rights under this Plan until the death of the
				Participant who has designated the Beneficiary and a separate account has been
				established by the Recordkeeper.
e)
				Participants may designate primary and contingent Beneficiaries. A contingent
				Beneficiary's interest shall become effective only upon the death of any and
				all primary Beneficiaries, or if any and all of the primary Beneficiary
				designations have been found invalid.
f) If more than one Beneficiary is named in
				either category, benefits shall be paid according to the following:
1) Beneficiaries can be designated to share
				equally or to receive specific percentages.
2) If a Beneficiary dies before the
				Participant, only the surviving Beneficiaries shall be eligible to receive any
				benefits in the event of the death of the Participant. If more than two
				Beneficiaries are originally named to receive different percentages of the
				benefits, surviving Beneficiaries shall share in the same proportion to each
				other as indicated in the original designation.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.420 - Allowable Deferrals

Current through Register Vol. 48, No. 28, July 12, 2024
a) Minimum
				Deferrals. Each Employee who becomes a Participant must agree to defer a
				minimum amount of $10 per Pay Period or 1% of Compensation each Pay
				Period.
b) Maximum Deferrals - No
				limit. Participants may contribute any whole percentage or dollar amount up to
				100% of currently available Compensation each payroll period, subject to the
				limitations under Code sections 402(g) and 415.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.425 - Automatic Escalation of Deferred Compensation Rate for Auto-Enrolled Participants

Current through Register Vol. 48, No. 28, July 12, 2024
a) All
				Auto-Enrolled Participants who have been enrolled in the Plan for greater than
				180 days will have their Deferred Compensation rate automatically increased by
				1% annually. (See Section 24-105.2 of the Illinois Pension Code.)
b) The automatic annual increases will go
				into effect beginning with the first pay period that begins on or after January
				1 of each year or as soon as administratively practicable thereafter.
c) Automatic annual increases will continue
				until:
1) The Participant is no longer an
				Auto-Enrolled Participant; or
2)
				The Participant's deferral rate reaches 10% of Compensation or is otherwise
				limited by the Plan, including Section
				2700.420 and Section
				2700.430.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.430 - Basic Annual Limitation

Current through Register Vol. 48, No. 28, July 12, 2024
The maximum amount of the Annual Deferral under the Plan for
				  any calendar year shall not exceed the lesser of the Applicable Dollar Amount
				  or the Participant's Includible Compensation for the calendar year. The
				  Applicable Dollar Amount in a calendar year is adjusted for cost-of-living, to
				  the extent provided under section 415(d) of the Code.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.435 - Age 50 Catch-up Annual Deferral Contributions

Current through Register Vol. 48, No. 28, July 12, 2024
A Participant who has deferred the maximum allowed by Section
				  2700.430
				  may defer an additional amount for the calendar year in which their
				  50th birthday occurs and all calendar years
				  thereafter, subject to the limitation that total deferrals not exceed 100% of
				  the Employee's Includible Compensation. This additional deferral amount shall
				  be no more than the amount prescribed by Code section 414(v) for the calendar
				  year, and shall be in accordance with the limitations on the amount, as
				  adjusted from time to time by the Secretary of the Treasury pursuant to Code
				  sections 414(v) and 457(b), or any other amount as amended or set forth by the
				  Code. An Employee who is using the Special Catch-up provision of Section
				  2700.440
				  is not eligible for this catch-up deferral.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.440 - Special Section 457 Catch-up Limitation

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the applicable year is one of a
				Participant's last 3 calendar years ending before the year in which the
				Participant attains Normal Retirement Age, and the amount determined under this
				Section exceeds the amount computed under Sections
				2700.430
				and
				2700.435
				of this Part, then the Annual Deferral limit in the Plan shall be the lesser
				of:
1) An annual amount equal to 2 times the
				Applicable Dollar Amount for the applicable year as provided for in Section
				2700.430
				of this Part; or
2) The sum of:
A) An amount equal to the aggregate limit, as
				defined in Section
				2700.430
				of this Part, for the current year plus each prior calendar year beginning
				after December 31, 2001 during which the Participant was an Employee under the
				Plan, minus the aggregate amount of Compensation that the Participant deferred
				under the Plan after December 31, 2001, plus
B) An amount equal to the aggregate limit
				referred to in section 457(b)(2) of the Code for each prior calendar year
				beginning after December 31, 1978 and before January 1, 2002 during which the
				Participant was an Employee (determined without regard to Section
				2700.435
				and this Section) minus the aggregate contributions to pre-2002 coordination
				plans for those years.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart D - PARTICIPATION IN THE PLAN › Section 2700.450 - Revocation of Deferral

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
				Participant may revoke their election to have Compensation deferred.
b) Following notice of revocation, the
				Participant's full Compensation shall be restored as soon as administratively
				possible.
c) Revocation shall not
				cause distribution of the Participant's Account.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart E - ESTABLISHMENT OF RETIREMENT AGE › Section 2700.500 - Normal Retirement Age

Current through Register Vol. 48, No. 28, July 12, 2024
For the purposes of this Plan, Normal Retirement Age means
				  age 701/2 unless the Participant has elected an alternative Normal Retirement
				  Age.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart E - ESTABLISHMENT OF RETIREMENT AGE › Section 2700.510 - Alternative Normal Retirement Age

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Participant may elect an alternative
				Normal Retirement Age. Such an election shall be in writing and shall be
				submitted to the Department.
b) A
				Participant's alternative Normal Retirement Age shall not be earlier than the
				earliest date that the Participant will become eligible to retire and receive
				unreduced retirement benefits under one of the following retirement systems of
				which the Employee is a member:
1) General
				Assembly Retirement System;
2)
				State Employees' Retirement System of Illinois;
3) State Universities Retirement
				System;
4) Teachers' Retirement
				System of the State of Illinois; or
5) Judges Retirement System of
				Illinois.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.600 - Deferred Compensation Accounts

Current through Register Vol. 48, No. 28, July 12, 2024
a) The State of Illinois shall establish a
				Deferred Compensation Account for each Participant that shall be the basis for
				any distributions payable to the Participant under Section
				2700.730.
b) Each Participant's Deferred Compensation
				Account shall be credited with the amount of any Compensation deferred and
				shall be further credited or debited, as applicable, with:
1) any increase or decrease resulting from
				investments made by the State pursuant to Section
				2700.670;
2) any applicable expenses incurred by the
				State in maintaining and administering the Plan;
3) any debits for the amount of any
				distribution;
4) any credit for the
				initial value on the effective date of the Plan of any bookkeeping account
				maintained under the Prior Plans; and
5) any adjustment resulting from amounts
				loaned, repaid or defaulted in respect of a Loan under Section
				2700.770.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.610 - Allocation of Investment Earnings or Losses

Current through Register Vol. 48, No. 28, July 12, 2024
a) To the extent that Investment Options are
				established by the Board, Deferred Compensation Accounts shall be allocated
				among the Investment Options according to the investment elections in effect on
				behalf of the Participants. Earnings and losses of each Investment Option shall
				be based on the actual investment experience of the Investment
				Option.
b) Earnings and losses
				shall be measured from the Valuation Date coincident with or immediately
				preceding the date on which any Deferred Compensation is invested in any
				Investment Option to the Valuation Date coincident with or immediately
				preceding the date any Deferred Compensation is withdrawn from any Investment
				Option.
c) The amount of earnings
				or losses allocated to each Deferred Compensation Account shall reflect the
				proportion a Participant's Deferred Compensation Account in relation to the
				other Deferred Compensation Accounts having an interest in that
				Option.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.620 - Investment Option Valuation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
				Investment Option under this Plan shall be valued at fair market value as of
				each Valuation Date.
b) Any
				withdrawals or distributions made under this Plan shall be made in cash by
				electronic transfer, or as authorized by the State.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.630 - Administrative Costs

Current through Register Vol. 48, No. 28, July 12, 2024
a) It is the
				intent of the Plan that it shall not be implemented or administered so as to be
				an expense to the State of Illinois, except for the State's obligation to pay
				the Deferred Compensation Accounts as provided in the Plan. Therefore, any
				expenses of maintaining and administering the Plan shall be borne by the
				Participants. Cost shall include, but not be limited to, the costs of:
1) making investments, exchanges or
				distributions if any;
2) collecting
				the Deferred Compensation;
3)
				providing information to Participants, Employees and other agencies of the
				State; and
4) administering the
				Plan Loan feature under Section
				2700.770.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.640 - Method of Making Investment Requests

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Participant shall, at the time of
				enrollment, make an investment request under the Plan, unless the Participant
				is automatically enrolled in the Plan.
b) Once made, an investment request shall
				continue for any deferments unless later changed by the Participant.
c) A Participant may change investment
				requests for future amounts of Deferred Compensation an unlimited number of
				times.
d) A change in investment
				request shall be made to the Plan's Recordkeeper by telephone notice or use of
				internet on-line access programs. To the extent allowed by law, the
				Recordkeeper shall make a Participant financially whole in situations in which
				a Participant's transaction request was received timely and in good order, but,
				due to an error or omission by the Recordkeeper, was not executed in compliance
				with the Participant's instructions.
e) A Participant may change an investment
				request governing amounts previously deferred. However, after June 1, 1994,
				amounts previously deferred into the stable value option shall not be exchanged
				directly or indirectly into a money market fund. Any exchange from the stable
				value option must first be exchanged into one of the other investment options
				for a period of 90 days.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.650 - Participant Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
				Participant shall be provided quarterly with an accounting of his or her
				Deferred Compensation Account, including, but not limited to, the amount
				deferred and any amounts credited or debited up to the quarter end and a
				separate accounting showing amounts credited or debited up to the quarter end
				for a Participant's outstanding Loan under Section
				2700.700.
b) The accounting shall be made not later
				than 60 days after all deferrals for the quarter have been invested.
c) Participants are responsible for notifying
				the Department in writing of any investment or other error within 14 days after
				the receipt of any statement.
d)
				The liability of the Plan to the Participants for administrative errors shall
				not exceed the amount necessary to correct the error. Errors under $5.00 will
				not be corrected.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.660 - Custodial Account

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Notwithstanding any contrary provision of the Plan, in accordance with section
				457(g) of the Code, all amounts of Compensation deferred pursuant to the Plan,
				all property and rights purchased with these amounts, all Loans made and repaid
				with these amounts, and all income attributable to these amounts, property, or
				rights shall be held in one or more Custodial Accounts for the exclusive
				benefit of Participants and Beneficiaries under the Plan. For purposes of this
				subsection, the Custodian of any Custodial Account created pursuant to the Plan
				must be a bank, as described in section 408(n) of the Internal Revenue Code, or
				a person who meets the non-bank trustee requirements in accordance with the
				regulations under section 408(a)(2) of the Code relating to the use of non-bank
				trustees. All amounts of Compensation deferred under the Plan and all Loan
				repayments received shall be transferred to a Custodial Account described in
				section 401(f) of the Code within a period that is not longer than is
				reasonable for the proper administration of the accounts of Participants. The
				Recordkeeper shall act as agent on behalf of the Plan to take custody of
				Participant Loans.
b) The
				Participant and his or her Beneficiary shall not have any property interest
				whatsoever in any specific asset of the State of Illinois on account of his or
				her election to defer any Compensation under this Plan.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.670 - Investment Options

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Board
				shall offer different types of Investment Options to meet various Participant
				investment objectives. Investment Options may consist of collective trust
				funds, other pooled investment vehicles, and/or mutual funds whose eligible
				investments, investment guidelines, and investment philosophies are governed by
				a prospectus or similar disclosure. Investment Options may also include
				separately managed accounts that are governed by an investment management
				agreement that would include investment guidelines. Additionally, the Board may
				create Investment Options consisting of the investments described in this
				subsection (a).
b) The Board will
				offer a series of target date funds that allow Participants to choose a single
				fund that is based on their expected target retirement date.
c) The Board will designate the target date
				funds as the default Investment Option for any Participant who fails to make an
				investment choice for their contributions.
d) The Board will establish at least one
				investment option within each of the following broad asset classes for the
				investment of Deferred Compensation:
1)
				Capital Preservation (Money Market or Stable Value).
2) Fixed Income (Bonds).
3) US Equity (Stocks).
4) International Equity (Stocks).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.680 - In-Plan Conversions and Rollovers to the Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Participant who is entitled to receive
				an eligible rollover distribution from another eligible retirement plan may
				request to have all or a portion of the eligible rollover distribution paid to
				the Plan.
b) The Department may
				require documentation from the distributing plan as it deems necessary to
				effectuate the rollover in accordance with Code section 402 and to confirm that
				the plan is an eligible retirement plan within the meaning of Code section
				402(c)(8)(B).
c) For purposes of
				this Section, an eligible rollover distribution means any distribution of all
				or any portion of a Participant's benefit under another eligible retirement
				plan, except that an eligible rollover distribution does not include:
1) any installment payment for a period of 10
				years or more;
2) any distribution
				made as a result of an Unforeseeable Emergency or other distribution that is
				made to a Participant;
3) any
				amount constituting a security interest for an outstanding Loan under the
				eligible retirement plan; or
4) for
				any other distribution, the portion, if any, of that distribution that is a
				required minimum distribution under Code section 401(a)(9). Code section
				401(a)(9) outlines required distributions and the manner in which those
				distributions must be made.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart F - PARTICIPANT'S ACCOUNTS, INVESTMENTS AND STATEMENTS › Section 2700.690 - Plan-to Plan Transfers to the Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) Participants who participate in another
				eligible governmental plan under section 457(b) of the Code may transfer assets
				to the Plan as provided in this Section. A transfer is permitted only if the
				other plan provides for the direct transfer of a Participant's interest in the
				other plan to the Plan.
b) The
				transfer is permitted only in the form of cash or other similar property deemed
				acceptable to the Department.
c)
				The Department may require documentation from the other plan as it deems
				necessary to effectuate the transfer in accordance with section 457(e)(10) of
				the Code and 26 CFR 1.457 - 10(b) (2012) and to confirm that the other plan is
				an eligible governmental plan as defined in 26 CFR 1.457 - 2(f)
				(2012).
d) The Plan will not accept
				a transfer from an eligible governmental plan that includes an outstanding loan
				as an asset.
e) The amount
				transferred shall be credited to the Participant's Account Balance and shall be
				held, accounted for, administered and otherwise treated in the same manner as
				an Annual Deferral by the Participant under the Plan, except that the
				transferred amount shall not be considered an Annual Deferral under the Plan in
				determining the maximum deferral under Section
				2700.430
				of this Part.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.700 - Distribution Events

Current through Register Vol. 48, No. 28, July 12, 2024
a) Distributions
				under this Plan shall be made in accordance with Code section 401(a)(9)
				(including, but not limited to, the Plan provisions described in Sections
				2700.315 and 2700.740) and treasury regulations issued under section 401(a)(9)
				( 26 CFR 1.401(a)(9) ), including the minimum distribution incidental benefit
				requirement of Code section 401(a)(9)(G) and treasury regulations 1.401(a)(9)-2
				through 1.401(a)(9)-9 ( 26 CFR 1.401(a)(9)-2  through (a)(9)-9 (2012)). However,
				these provisions of the Code and treasury regulations shall override the other
				distribution provisions of the Plan only to the extent that the other Plan
				provisions provide for a distribution that is less rapid than is required under
				the provisions of the Code and the treasury regulations.
b) In accordance with the Coronavirus Aid,
				Relief, and Economic Security Act (the CARES Act;  15 U.S.C. 116 ), the Plan will
				not make required minimum distributions to Plan Participants who otherwise
				would be required to take a required minimum distribution in calendar year
				2020. 2020 required minimum distributions requested prior to the CARES Act
				passage may be recontributed to the Plan in accordance with IRS
				guidance.
c) In accordance with the
				CARES Act, the Plan will permit Plan Participants who are qualified individuals
				(as provided in section 2202 of the CARES Act) to request Coronavirus-Related
				Distributions up to an aggregate limit of $100,000 from May 29, 2020 through
				December 28, 2020. Plan Participants may repay all or part of the amount of a
				Coronavirus-Related Distribution, provided the repayment is made within 3 years
				after the date that the distribution was received. If repaid, the distribution
				will be treated as though it were repaid in a direct trustee-to-trustee
				transfer.
d) A Participant's
				Deferred Compensation Account may begin to be distributed 30 days after the
				date of one of the following events:
1)
				Severance from Employment;
2)
				Death; or
3) Delayed Distribution
				Date.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.710 - Beneficiary Election of Method of Distribution

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the Participant dies prior to January
				1, 2022, before the account has been exhausted, the remaining account values
				shall be paid to the Designated Beneficiary or Non-Designated Beneficiary. For
				purposes of this Section, a "Non-Designated Beneficiary" is a Beneficiary who
				is not a natural person, such as a trust, estate or other legal entity. The
				Beneficiary shall have the right to elect the time and method of distribution,
				subject to the limitations set forth by the Plan, notwithstanding Section
				2700.730(b), in the following manner:
1) If
				the Participant dies before the required beginning distribution date under
				subsection (j), payments to:
A) A surviving
				spouse may be delayed until December 31 of the year in which the Participant
				would have attained the applicable age as defined under Code section 401(a)(9).
				The entire account must be withdrawn over a period not extending beyond the
				single life expectancy of the surviving spouse. If the surviving spouse, who is
				the Designated Beneficiary, dies prior to the required beginning date, the
				surviving spouse's designated Beneficiary shall receive distribution in full by
				the end of the fifth calendar year that contains the fifth anniversary of the
				surviving spouse's death or over a period of time designated by the single life
				expectancy of the surviving spouse in the year following the year of death and
				reduced by one for each subsequent year of distribution.
B) A non-spousal Beneficiary must be
				distributed in full by the end of the fifth calendar year that contains the
				fifth anniversary of the Participant's death, or distributed in full over a
				period of time designated by the single life expectancy of the Beneficiary in
				the year following year of death and reduced by one for each subsequent year of
				distribution.
C) A Non-Designated
				Beneficiary must be distributed in full by the end of the calendar year that
				contains the fifth anniversary of the Participant's death.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.730 - Election of Method of Distribution

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
				an election to commence benefits as provided for under Section 2700.700, a
				Participant entitled to a distribution of benefits may elect to receive payment
				in any of the following forms of distribution:
1) a lump sum payment of the total Account
				Balance; or
2) a partial lump sum
				payment; or
3) installment payments
				on an annual, semi-annual, quarterly, or monthly basis.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.735 - Distribution for Certain Balances of $5, 000 or Less

Current through Register Vol. 48, No. 28, July 12, 2024
At the direction of the Participant, a Participant's total
				  Account Balance shall be paid in a lump sum on the next Valuation Date
				  following the direction if:
a) the
				total Account Balance does not exceed $5,000;
b) the Participant has not previously
				received a distribution of the total amount payable to the Participant under
				this Section; and
c) no Annual
				Deferral has been made with respect to the Participant during the 2-year period
				ending immediately before the date of the distribution.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.740 - Unforeseeable Emergency

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				distribution of all or a portion of a Participant's Deferred Compensation
				Account or a change in method of distribution to a Participant shall be
				permitted in the event the Participant experiences an Unforeseeable
				Emergency.
b) Distributions shall
				not be made to the extent that the hardship is or may be relieved:
1) through reimbursement or compensation by
				insurance or otherwise;
2) by
				liquidation of the Participant's assets to the extent the liquidation of assets
				would not itself cause severe financial hardship;
3) by cessation of deferrals under the Plan;
				or
4) through receipt of a Loan
				under Section 2700.770.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.745 - Plan-to-Plan Transfers from the Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) Participants and Beneficiaries may elect
				to have all or any portion of their Account Balance transferred to another
				eligible governmental plan within the meaning of section 457(b) of the Code and
				26 CFR 1.457 - 2(f) (2012).
b) A
				transfer is permitted under this Section only if:
1) the Participant has had a Severance from
				Employment with the State and is an employee of the entity that maintains the
				other eligible governmental plan; and
2) the other eligible governmental plan
				provides for the acceptance of plan-to-plan transfers with respect to the
				Participants and Beneficiaries and for each Participant and Beneficiary to have
				an amount deferred under the other plan immediately after the transfer at least
				equal to the amount transferred.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.750 - Permissive Service Credit Transfers

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a Participant is also a participant in
				a tax-qualified defined benefit governmental plan (as defined in section 414(d)
				of the Code) that provides for the acceptance of plan-to-plan transfers with
				respect to the Participant, then the Participant may elect to have any portion
				of the Participant's Account Balance transferred to the defined benefit
				governmental plan.
b) A transfer
				under this Section may be made before the Participant has had a Severance from
				Employment.
c) A transfer may be
				made under this Section only if the transfer is either for the purchase of
				permissive service credit (as defined in section 415(n)(3)(A) of the Code)
				under the receiving defined benefit governmental plan or a repayment to which
				section 415 of the Code does not apply by reason of section 415(k)(3) of the
				Code.
d) The amount of the transfer
				must be an amount equal to the amount of the intended purchase of the
				permissive service credit. No partial payment is allowed.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.760 - Leave of Absence

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
				Participant who is granted a leave of absence by the Employer may continue to
				participate in this Plan as long as the leave of absence is approved by the
				Employer.
b) If an approved leave
				of absence is terminated by the Employer or Employee without the resumption of
				the employment relationship, and if the Employee has been removed from the
				payroll for 30 days, the Participant shall be treated as having a Severance of
				Employment under this Plan, as of the date of termination of the leave, and may
				elect a distribution method as provided in Section
				2700.730
				of this Part.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart G - DISTRIBUTIONS › Section 2700.770 - Loans

Current through Register Vol. 48, No. 28, July 12, 2024
a) Eligible
				Participants and Nondiscrimination. A Participant who is an Employee may apply
				for and receive a Loan from the Participant's Account Balance as provided in
				this Section. Loans shall be made available on a reasonably equivalent basis,
				and Loans shall not be made available to highly compensated Participants as
				defined by the Internal Revenue Service in an amount greater than the amount
				made available to other Participants. A Beneficiary may not apply for a Loan
				from the beneficiary's Account Balance.
b) Interest and Security. Loans must be
				adequately secured. All Loans shall provide a fixed rate of interest of 1%
				above the prime interest rate as published in the Wall Street Journal on the
				first business day of the month in which the loan was originated.
c) Participants shall not have more than one
				Loan outstanding at a time; a Loan must be repaid in full before another Loan
				can be applied for and received. A Participant may only apply for and receive
				another Loan 30 days after the date a previous Loan is repaid in
				full.
d) Loan Amount. No Loan shall
				exceed the value of the vested portion of the Participant's Account Balance.
				The amount to be loaned shall be selected by the Participant at the time a Loan
				application is filed but shall not be for an amount less than $1,000. The
				maximum amount of any Loan may not exceed the lesser of $50,000 or 50% of the
				Participant's vested Account Balance under the Plan on the date the Loan is
				made.
1) The $50,000 maximum Loan amount must
				be reduced by the highest outstanding balance of all other loans during the
				one-year period ending on the day before the Loan is made.
2) Unless it has been repaid by the
				Participant or offset from the Participant's Account Balance, a Loan that has
				been deemed distributed to a Participant (including interest accruing on the
				Loan) is considered as an outstanding Loan.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart H - MISCELLANEOUS › Section 2700.800 - Nonassignability

Current through Register Vol. 48, No. 28, July 12, 2024
a) The contract
				entered into between the Employer and a Participant through this Plan and the
				benefits, proceeds or payments under this Plan cannot be sold, assigned,
				pledged, commuted, transferred or otherwise conveyed by an Employee,
				Participant or Beneficiary. Any attempt to assign or transfer shall not be
				recognized and shall impose no liability upon the Employer.
b) Except as otherwise required by law and as
				provided in Sections
				2700.850
				and
				2700.860 of this Part,
				any Deferred Compensation monies withheld pursuant to this Plan shall not be
				subject to attachment, garnishment, or execution, or to transfer by operation
				of law in the event of bankruptcy or insolvency of the Participant or
				otherwise.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart H - MISCELLANEOUS › Section 2700.810 - Payments to Minors and Incompetents

Current through Register Vol. 48, No. 28, July 12, 2024
If the Department is notified that a Participant or
				  Beneficiary entitled to receive any benefit under this Plan is adjudicated by a
				  Court of Law to be mentally incompetent, or that a Beneficiary is a minor at
				  the time when a benefit under this Plan becomes payable to him or her, the
				  Department shall, upon receipt of a Court order, direct the Recordkeeper to
				  authorize payment of the benefit to any other person or institution, including
				  a custodian under any State's Gift to Minors Act, who has been duly appointed
				  as the Participant's or Beneficiary's guardian, or a person or institution who
				  is then maintaining or has custody of the Participant or Beneficiary, or to a
				  Court of Law for distribution pursuant to that Court's order.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart H - MISCELLANEOUS › Section 2700.820 - Missing Persons

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the
				Department is unable to ascertain the whereabouts or identity of any person who
				is due to receive a benefit under this Plan at the time that benefit is due,
				the Department shall attempt to serve notice on such person by certified mail
				addressed to that person's last known address.
b) Should such attempt to serve notice fail,
				the Department shall ask the help of the Department of Financial Institutions
				in advertising the need to locate the person pursuant to 38 Ill. Adm. Code
				180.
c) Should such attempt to
				locate that person fail, the Department shall authorize payment of that benefit
				and all other benefits due such a person to the primary
				Beneficiary(ies).
d) If there are
				no other primary Beneficiaries, the Department shall authorize payment of that
				benefit to the contingent Beneficiaries.
e) If there are no contingent Beneficiaries,
				the Department shall authorize payment of that benefit to the estate of the
				Participant.
f) If there is no open
				estate, or if the heirs of the estate cannot be found to open an estate, then
				seven years after the Participant's death, the Department shall authorize
				payment of that benefit to the General Revenue Fund of the State of
				Illinois.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart H - MISCELLANEOUS › Section 2700.830 - Severability

Current through Register Vol. 48, No. 28, July 12, 2024
If any provision of this Plan shall be for any reason invalid
				  or unenforceable, the remaining provisions shall, nevertheless, continue in
				  effect and shall not be invalidated thereby.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 2700 - STATE (OF ILLINOIS) EMPLOYEES' DEFERRED COMPENSATION PLAN › Subpart H - MISCELLANEOUS › Section 2700.840 - Days and Dates

Current through Register Vol. 48, No. 28, July 12, 2024
Whenever a time limit is expressed in terms of a number of
				  days, they shall be consecutive calendar days, including weekends and holidays.
				  If the last day of a period of days would occur on a weekend or a holiday
				  recognized by the State of Illinois, the last day of the period shall be the
				  next business day following.