Illinois Compiled Statutes 110 ILCS 95 University Employees Custodial Accounts Act. Section 2

    (110 ILCS 95/2) (from Ch. 144, par. 1702)

    Sec. 2. The governing board of any public institution of higher education has the power to make payments to custodial accounts for investment in regulated investment company stock to provide retirement benefits as described in Section 403(b)(7) of the Internal Revenue Code for eligible employees of such institutions. Such payments shall be made with funds made available by deductions from or reductions in salary or wages of eligible employees who authorize in writing deductions or reductions for such purpose. Such stock shall be purchased only from persons authorized to sell such stock in this State.

(Source: P.A. 83-261.)

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Last modified: February 18, 2015