Local Government Retirement Plan Responsibility Act mandates local government and school district retirement plans to comply with Illinois Pension.
The Local Government Retirement Plan Responsibility Act requires retirement plans offered by local government or school district units to adhere to the Illinois Pension Code's applicable provisions. This includes fiduciary duties, funding, investments, and participant rights, regardless of whether the retirement plan is established under the Illinois Pension Code. The Act defines "retirement plan" as an eligible plan under Section 457 or Section 403(b) of the Internal Revenue Code.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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