§ 2700.430

Ill. Admin. Code tit. 80, § 2700.430

Basic Annual Limitation

Effective Aug 31, 202246 Ill. Reg. 15777AUTHORITY: Implementing section 457 of the Internal Revenue Code (26 U.S.C. 457) and implementing and authorized by Section 22A-111.1 and Article 24 of the Illinois Pension Code [40 ILCS 5].ILLINOIS STATE BOARD OF INVESTMENT

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.

(Source: Amended at 46 Ill. Reg. 15777, effective August 31, 2022)