Ill. Admin. Code tit. 80, § 2120.420 – Crediting of Accounts | Midpage
§ 2120.420
Ill. Admin. Code tit. 80, § 2120.420
Crediting of Accounts
AUTHORITY: Implementing Sections 105(h), 125, and 213(d) of the Internal Revenue Code (26 USC 105(h), 125, and 213(d)), Section 405-110 of the Civil Administrative Code of Illinois [20 ILCS 405/405-110], Section 30c of the State Finance Act [30 ILCS 105/30c], and Sections 3 and 9 of the State Employees Group Insurance Act of 1971 [5 ILCS 375/3 and 9] and authorized by Section 5-625 of the Civil Administrative Code of Illinois [20 ILCS 5/5-625].DEPARTMENT OF CENTRAL MANAGEMENT SERVICES
a) There shall be credited to a Participant's medical care assistance account for each Plan Year, as of each Pay Period, an amount equal to the reduction made in the Participant's Compensation in accordance with the Participant's election.
b) All amounts credited to each such medical care assistance account shall be the property of the State until paid out pursuant to Subpart F of this Part.
c) No interest will be credited to the Participants Accounts on balances in the medical care assistance account.