Ill. Admin. Code tit. 80 § 2700.800

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

Section 2700.800 - Nonassignability

a) The contract entered into between the Employer and a Participant through this Plan and the benefits, proceeds or payments under this Plan cannot be sold, assigned, pledged, commuted, transferred or otherwise conveyed by an Employee, Participant or Beneficiary. Any attempt to assign or transfer shall not be recognized and shall impose no liability upon the Employer.

b) Except as otherwise required by law and as provided in Sections 2700.850 and 2700.860 of this Part, any Deferred Compensation monies withheld pursuant to this Plan shall not be subject to attachment, garnishment, or execution, or to transfer by operation of law in the event of bankruptcy or insolvency of the Participant or otherwise.

Ill. Admin. Code tit. 80, § 2700.800

Amended at 30 Ill. Reg. 8408, effective April 21, 2006