(40 ILCS 5/11-134.2) (from Ch. 108 1/2, par. 11-134.2)
Sec. 11-134.2.
Reversionary annuity.
(a) An employee, prior to retirement on annuity, may elect to take a
lesser amount of annuity and provide, with the actuarial value of the
amount by which his annuity is reduced, a reversionary annuity for a wife,
husband, parent, child, brother or sister. The option shall be exercised by
filing a written designation with the board prior to retirement, and may be
revoked by the employee at any time before retirement. The death of the
employee prior to his retirement shall automatically void the option.
(b) The death of the designated reversionary annuitant prior to the
employee's retirement shall automatically void the option. If the
reversionary annuitant dies after the employee's retirement, and before
the death of the employee annuitant, the reduced
annuity being paid to the retired employee annuitant shall be increased
to the amount of annuity before reduction for the reversionary annuity
and no reversionary annuity shall be payable.
The option is subject to the further condition that no reversionary
annuity shall be paid to a parent, child, brother, or sister if the
employee dies before the expiration of 365
days from the date his written designation was filed with the board, even
though he has retired and is receiving a reduced annuity.
(c) The employee exercising this option shall not reduce his retirement
annuity by more than $400 per month, or elect to provide a
reversionary
annuity of less than $50 per month. No option shall be permitted if the
reversionary annuity for a widow, when added to the widow's annuity payable
under this Article, exceeds 100% of the reduced annuity payable to
the employee.
(d) A reversionary annuity shall begin on the day following the death of
the annuitant and shall be paid as provided in Section 11-124.
(e) The increases in annuity provided in Section 11-134.1 of this
Article shall, as to an employee so electing a reduced annuity, relate to
the amount of the original annuity, and such amount shall constitute the
annuity on which such increases shall be based.
(f) For annuities elected after June 30, 1983, the amount of the monthly
reversionary annuity shall be determined by multiplying the amount of the
monthly reduction in the employee's annuity by the factor in the following
table based on the age of the employee and the difference in the age of
the employee and the age of the reversionary annuitant at the starting date
of the employee's annuity:
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