Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE50. INSURANCE |
PART4440. IRS QUALIFICATION STATUS REQUIREMENTS FOR ARTICLE 3 POLICE PENSION FUNDS |
SUBPARTD. RULE ON 415 LIMITATIONS |
§4440.260. Modification of Contributions for 415(c) and 415(n) Purposes
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Notwithstanding any other provision of law to the contrary, a pension fund may modify a request by a member to make a contribution under this Part if the amount of the contribution would exceed the limits provided in IRC section 415 by using the following methods:
a) If the law requires a lump sum payment for the purchase of service credit, a pension fund may establish a periodic payment plan for the member to avoid a contribution in excess of the limits under IRC section 415(c) or 415(n).
b) If payment pursuant to this Section will not avoid a contribution in excess of the limits imposed by IRC section 415(c) or 415(n), a pension fund may either reduce the member's contribution to an amount within the limits of those IRC sections or refuse the member's contribution.