SB0690 amends the Illinois Pension Code to clarify the limits on deferred compensation for public employees.
SB0690 amends the Illinois Pension Code to ensure that deferred compensation for public employees does not exceed the amount allowed without being subject to income tax under Section 457 of the United States Internal Revenue Code. This technical change aims to align the state's deferred compensation program with federal tax laws, ensuring compliance and clarity for public employees participating in such programs.
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