(760 ILCS 40/0.01) (from Ch. 48, par. 39s-90) Sec. 0.01. Short title. This Act may be cited as the Trusts for Employees Act. (Source: P.A. 86-1324.)
(760 ILCS 40/1) (from Ch. 48, par. 39t) Sec. 1. A trust created as a part of a plan for the benefit of some or all of the employes of one or more employers, including, but without limitation, a stock bonus, pension, disability, death benefit, profit sharing, unemployment benefit or other plan, for the purpose of distributing for the benefit of the employes, including their beneficiaries, the earnings or the principal, or both earnings and principal, of the fund held in trust, may continue in perpetuity or for such time as may be necessary to accomplish the purpose for which it is created, and shall not be invalid as violating any rule of law against perpetuities or suspension of the power of alienation of the title to property. (Source: Laws 1957, p. 305.)
(760 ILCS 40/2) (from Ch. 48, par. 39u) Sec. 2. No rule of law against perpetuities or suspension of the power of alienation of the title to property shall operate to invalidate any trust heretofore created or attempted to be created by an employer as part of a stock bonus, pension, disability, death benefit, or profit sharing plan for the benefit of some or all of his employes to which contributions are made by the employer or employes or both, for the purpose of distributing to the employes earnings or principal or both earnings and principal of the fund held in trust, unless the trust is terminated by a court of competent jurisdiction in a suit instituted within three years after the effective date of this Act. (Source: Laws 1945, p. 761.)
(760 ILCS 40/2a) (from Ch. 48, par. 39u1) Sec. 2a. No rule of law against perpetuities or suspension of the power of alienation of the title to property shall operate to invalidate any trust of the sort described in Section 1 of this Act heretofore created or attempted to be created unless the trust is terminated by the circuit court in a suit instituted within 3 years after the effective date of this amendatory act of 1957. (Source: P.A. 79-1360.)
(760 ILCS 40/3) (from Ch. 48, par. 39v) Sec. 3. If any provision of this Act or the application thereof is held invalid, such invalidity shall not affect other provisions or applications of the Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are declared to be severable. (Source: Laws 1945, p. 761.)
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