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40 ILCS 5/15-146.1
(40 ILCS 5/15-146.1) (from Ch. 108 1/2, par. 15-146.1)
Sec. 15-146.1. Survivors insurance benefits-Maximum amounts.
(a) The
maximum total survivors annuity payable on account of any deceased
participating
employee shall be the lesser of: (1) 80% of the final rate of earnings;
or (2) (A) $400 per month if one survivors insurance beneficiary is entitled
to a survivors annuity, or (B) $600 per month if there are 2 or more such
beneficiaries.
(b) The maximum total survivors annuity payable on account of the death
of any person occurring after retirement or after termination of his or
her employee status shall be the lesser of: (1) 80% of the final rate of
earnings; (2) (A) $400 per month if one survivors insurance beneficiary
is entitled to a survivors annuity, or (B) $600 per month if there are 2
or more such beneficiaries; or (3) 80% of the retirement annuity payable
to the annuitant at the date of retirement under the provisions of Rule
1, Rule 2, or Rule 3 of Section 15-136, or 80% of the
retirement annuity
which would have been payable to the participant upon attainment of the
minimum age at which the penalty for early retirement would not be applicable
or the date of death, whichever is later, based upon credits earned as of
the date of death.
(c) The maximum total survivors annuity payable on account of the death
of any person whose death occurs while in receipt of a disability retirement
annuity under Section 15-153.2 shall be the lesser of (1) 80% of his or
her final rate of earnings, (2) (A) $400 per month if one survivors insurance
beneficiary is entitled to a survivors annuity, or (B) $600 per month if
2 or more survivors insurance beneficiaries qualify for this benefit, or
(3) 80% of the retirement annuity which would have been payable upon attainment
of the age at which the penalty for early retirement would not be applicable
or the date of death, whichever is later, based upon the participant's credits
on the date of death, or 80% of the disability retirement annuity whichever is greater.
(d) If the minimum annuity provided under Section 15-146 exceeds the maximum
annuity provided under this Section, the minimum annuity shall be payable.
(e) If an annuitant has elected a reversionary annuity, the retirement
annuity referred to in this Section is that which would have been payable
had such election not been filed.
(f) If a survivors insurance beneficiary qualifies for a survivors or
widows annuity because of pension credits established by the participant
or annuitant in another system covered by Article 20, and the combined survivors
annuities exceed the highest survivors annuity which could be provided by
either system based upon the combined pension credits, the survivors annuity
payable by this system shall be reduced to that amount which, when added
to the survivors annuity payable by the other system, would equal this highest
survivors annuity. If the other system has a similar provision for adjustment
of the survivors annuity, the respective proportional survivors annuities
shall be reduced proportionately according to the ratio which the amount
of each proportional survivors annuity bears to the aggregate of all proportional
survivors annuities. If a survivors annuity is payable by another system
covered by Article 20, and the survivor elects to waive the survivors annuity
and accept a lump sum payment or death benefit in lieu of the survivors
annuity, this system shall, for the purpose of adjusting the survivors annuity
under this subsection, assume that the survivor was entitled to a survivors
annuity which, in accordance with actuarial tables of this system, is the
actuarial equivalent of the amount of the lump sum payment or death benefit.
(g) The total monthly survivors annuity payable to the beneficiaries of
any annuitant who terminated employment before July 14, 1959 and whose death
occurs after September 16, 1977 shall not exceed $200.
(h) Whenever a reduction in the survivors annuity is made as
authorized above, the survivors annuity to each dependent parent shall be
proportionately reduced or eliminated, and if further reduction is
necessary, the survivors annuity payable to every other person shall be
proportionately decreased.
(i) This Section applies to the survivors insurance benefits provided to the eligible survivors of a Tier 1 member. (Source: P.A. 98-92, eff. 7-16-13.)
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