Amends the Illinois pension
code to comply with IRS rules about rollovers. Explicitly allows
rollovers - provides that each pension fund or retirement system
operating under the Illinois Pension Code may, at the request of
any person entitled to receive a refund, lump-sum benefit, or other
non-periodic distribution from the pension fund or retirement system
pay the distribution directly to any entity that: 1) is designated
in writing by the person, 2) is qualified under federal law to accept
an eligible rollover distribution from a qualified plan, and 3) has
agreed to accept the distribution.
Signed into law on August 18, 2009 as PA
96-0586 |