§2700.425. Automatic Escalation of Deferred Compensation Rate for Auto-Enrolled Participants

a)         All Auto-Enrolled Participants who have been enrolled in the Plan for greater than 180 days will have their Deferred Compensation rate automatically increased by 1% annually. (See Section 24-105.2 of the Illinois Pension Code.)

 

b)         The automatic annual increases will go into effect beginning with the first pay period that begins on or after January 1 of each year or as soon as administratively practicable thereafter.

 

c)         Automatic annual increases will continue until:

 

1)         The Participant is no longer an Auto-Enrolled Participant; or

 

2)         The Participant's deferral rate reaches 10% of Compensation or is otherwise limited by the Plan, including Section 2700.420 and Section 2700.430.

 

d)         Auto-Enrolled Participants may, at any time, opt out of the next scheduled automatic annual increase and all future automatic increases by making an affirmative deferral election, including an election to cease contributions. Affirmative deferral elections will be processed in accordance with Section 2700.410.

 

(Source:  Added at 47 Ill. Reg. 12412, effective August 4, 2023)