Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE50. INSURANCE |
PART4445. IRS QUALIFICATION STATUS REQUIREMENTS FOR ARTICLE 4 FIREFIGHTER PENSION FUNDS |
SUBPARTE. RULE ON GENERAL COMPLIANCE |
§4445.310. Vesting and Forfeitures
Latest version.
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a) A plan member shall be 100% vested in his or her accumulated contributions at all times.
b) In conformity with IRC section 401(a)(8), any forfeitures of benefits by members or former members of the plan will not be used to pay benefit increases. However, forfeitures shall be used to reduce employer contributions.