Ill. Admin. Code tit. 80 § 2120.800

Current through Register Vol. 48, No. 52, December 27, 2024

Section 2120.800 - Right to Amend and Terminate Reserved

a) The Department has established the Plan with the bona fide intention and expectation that it will be continued indefinitely, but the Department will have no obligation to maintain the Plan for any given length of time and may discontinue or terminate the Plan at any time without liability.

b) Upon termination or discontinuance of the Plan, all elections and reductions in compensation relating to the Plan shall terminate, and the Department will pay any remaining balances to the Participants as additional taxable compensation.

Ill. Admin. Code tit. 80, § 2120.800

Amended at 30 Ill. Reg. 15119, effective September 6, 2006