Ill. Admin. Code tit. 74, § 721.440 - Termination of Participation
a) An employer
who begins offering a qualified retirement plan and becomes exempt from the
Program may notify the program administrator of its exemption and terminate its
participation in the Program.
b)
Employers who choose to terminate participation in the Program must notify the
program administrator and participants at least 60 days before payroll
contributions cease and provide them with information describing how to contact
the program administrator.
c)
Accounts will remain in the Program and participants may continue to make
contributions pursuant to Section 721.420(e), unless they elect to transfer or
close their accounts, in accordance with Section 721.540 and Subpart
F.
Notes
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