Ill. Admin. Code tit. 80, § 2700.900 – Amendment of Plan | Midpage
§ 2700.900
Ill. Admin. Code tit. 80, § 2700.900
Amendment of Plan
AUTHORITY: 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) The Department shall have the authority to propose amendments to this Plan from time to time by submitting them in writing to the Board for approval.
b) No amendment or modification shall adversely affect the rights of Participants or their Beneficiaries to the receipt of Compensation deferred prior to such amendment or modification unless required by State or Federal law to maintain the tax status of the Plan and any Compensation previously deferred.