Ill. Admin. Code tit. 50, § 4440.310 – Vesting and Forfeitures | Midpage
§ 4440.310
Ill. Admin. Code tit. 50, § 4440.310
Vesting and Forfeitures
AUTHORITY: Implementing Section 1A-103 of the Illinois Pension Code [40 ILCS 5/1A-103].DEPARTMENT OF INSURANCE
a) A plan member shall be 100% vested in his or her accumulated contributions at all times.
b) In conformity with IRC section 401(a)(8), any forfeitures of benefits by members or former members of the plan will not be used to pay benefit increases. However, forfeitures shall be used to reduce employer contributions.