(40 ILCS 5/16-136) (from Ch. 108 1/2, par. 16-136)
Sec. 16-136.
Reversionary annuity.
A member entitled to a retirement
annuity may elect at the time of retirement to receive a
reduced retirement annuity and
provide with the actuarial value of the reduction, determined on an
actuarial equivalent basis, a reversionary
annuity for any person who is dependent upon the member
at the time of
retirement, as named in a written direction filed with the system as a
part of the application for the retirement annuity, provided that the
reversionary annuity is not less than $10 per month, nor more
than the reduced retirement annuity
to which the member is
entitled. The condition of dependency must be established and proved to
the satisfaction of the system before the election becomes effective.
The reversionary annuity shall begin as of the first day of the month
following the month in which the death of the annuitant occurs, provided,
that the designated
beneficiary is then living. If the designated beneficiary predeceases
the annuitant, the reversionary annuity shall not be payable,
and beginning the first of the month following notification of the
designated beneficiary's death, the System shall pay the annuitant the
retirement annuity he or she would have received but for the reversionary
annuity election.
(Source: P.A. 84-1028.)
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