(40 ILCS 5/15-140) (from Ch. 108 1/2, par. 15-140)
Sec. 15-140.
Reversionary annuities.
A participant in the traditional
benefit package entitled to a retirement
annuity may, prior to retirement, elect to take a reduced retirement annuity
and provide with the actuarial value of the reduction, a reversionary annuity
to a dependent beneficiary, subject to the following conditions: (1) the
participant's written notice of election
to provide such annuity is received by the board at least 30 days before
the retirement annuity payment period begins, and (2) the amount of the
reversionary annuity is not less than $10 per month, and (3) the reversionary
annuity is payable only if the
participant dies after retirement.
The participant may revoke the election by
filing a written notice of revocation with the board. The beneficiary's
death prior to retirement of the participant shall constitute a
revocation of the election.
The amount of the reversionary annuity shall be that specified in the
participant's notice of election, but not more than the amount which when
added to the survivors annuity payable to the dependent beneficiary, would
equal the participant's reduced retirement annuity.
The participant shall specify in the notice of election whether the full
retirement annuity is to be resumed or the reduced retirement annuity is to
be continued, in the event the beneficiary predeceases the annuitant.
The reversionary annuity payment period shall begin on the day following
the annuitant's death. A
reversionary annuity shall not be payable if the beneficiary predeceases
the annuitant.
(Source: P.A. 91-887, eff. 7-6-00.)
|