Ill. Admin. Code tit. 80, § 2700.910 – Termination of Plan | Midpage
§ 2700.910
Ill. Admin. Code tit. 80, § 2700.910
Termination 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 Board shall have the authority to terminate this Plan, or to substitute a new Plan.
b) Upon termination of the Plan, each Participant shall be deemed to have withdrawn from the Plan as of the date of such termination, and the Participant's full Compensation will be restored to a nondeferred basis.
c) The Plan will otherwise continue in effect until all Deferred Compensation Accounts have been distributed in accordance with the Plan.
d) Changes in the Plan, termination of the Plan, or substitution of a new Plan shall be made in accordance with the Illinois Administrative Procedures Act (Ill. Rev. Stat. 1981, ch. 127, pars. 1001 et seq.).