Ill. Admin. Code tit. 80, § 2190.790 – Right to Amend and Terminate Reserved | Midpage
§ 2190.790
Ill. Admin. Code tit. 80, § 2190.790
Right to Amend and Terminate Reserved
AUTHORITY: Implementing section 132(f) of the Internal Revenue Code (926 USC 132(f)), 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) The Department has established the Plan with the bona fide intention and expectation that it will be continued indefinitely, but the Department will have no obligation to maintain the Plan for any given length of time and may discontinue or terminate the Plan at any time without liability.
b) Upon termination or discontinuance of the Plan, all elections and reductions in compensation relating to the Plan shall terminate, and the Department will pay any remaining balances to the participants as additional taxable compensation.