Ill. Admin. Code tit. 74 § 721.500

Current through Register Vol. 48, No. 50, December 13, 2024

Section 721.500 - Accounts

a) Accounts are IRAs into which participants contribute funds that, in turn, are invested in investment options established by the Board pursuant to Section 721.330, such as a Life-Cycle Fund Option. A separate account will be established for each participant and accounts are owned by the participant.

b) Accounts shall be portable, and each participant will have one account, regardless of whether the participant makes contributions from a single employer or multiple employers (simultaneously or separately throughout the participant's lifetime).

Ill. Admin. Code tit. 74, § 721.500

Adopted at 42 Ill. Reg. 18457, effective 9/25/2018.