§ 2700.450

Ill. Admin. Code tit. 80, § 2700.450

Revocation of Deferral

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

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.

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