Illinois General Assembly - Illinois Compiled Statutes

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755 ILCS 30/1

(755 ILCS 30/1) (from Ch. 110 1/2, par. 401)

Sec. 1.

The designation in accordance with the terms of any insurance,
annuity or endowment contract, or the designation in any agreement issued
or entered into by an insurance company in connection therewith,
supplemental thereto or in settlement thereof, or the designation under a
pension, retirement, death benefit, deferred compensation, employment,
agency, stock bonus or profit-sharing contract, plan, system or trust, or
the designation under an account with a securities dealer as defined in
Section 2.7 of the Illinois Securities Law of 1953, as now or hereafter
amended, of any person to be a beneficiary, payee or owner of any right,
title or interest thereunder upon the death of another, or any assignment
of rights under any of the foregoing, shall not be subject to or defeated
or impaired by any statute or rule of law governing the transfer of
property by will, gift or intestacy, even though such designation or
assignment is revocable or the rights of such beneficiary, payee, or owner
or assignee are otherwise subject to defeasance.

(Source: P.A. 86-468.)