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(40 ILCS 5/9-135) (from Ch. 108 1/2, par. 9-135)
Sec. 9-135.
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 if the employee dies before the expiration of 730
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 $100 a month or by 25%, whichever is the lesser, or
elect to provide a reversionary annuity of less than $50 per month. After
July 1, 1981 the $100 limitation shall not apply. No
option shall be permitted if the reversionary annuity for a widow, when
added to the widow's annuity payable under this Article, exceeds 80% of the
reduced annuity payable to the employee.
(d) A reversionary annuity shall begin on the day following the death of
the employee annuitant, with the first payment to be made on the
first day of the calendar month following the death of the employee
annuitant and the last payment to be made on the first day of the calendar
month in which the reversionary annuitant dies.
(e) The increases in annuity provided in Section 9-133 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 automatic increases shall be based.
(f) 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:
Reversionary Annuitant's Age
in Years Younger than Employee
|
Employee's |
|
|
|
|
|
|
30 or |
Age |
0-4 |
5-9 |
10-14 |
15-19 |
20-24 |
25-29 |
more |
50-51 |
5.32 |
4.60 |
4.09 |
3.61 |
3.43 |
3.30 |
3.09 |
52-54 |
4.71 |
4.04 |
3.56 |
3.11 |
2.96 |
2.79 |
2.65 |
55-57 |
4.14 |
3.52 |
3.08 |
2.76 |
2.54 |
2.38 |
2.26 |
58-60 |
3.62 |
3.05 |
2.65 |
2.36 |
2.16 |
2.02 |
1.91 |
61-63 |
3.16 |
2.63 |
2.27 |
2.01 |
1.83 |
1.70 |
1.60 |
64-66 |
2.74 |
2.27 |
1.94 |
1.70 |
1.54 |
1.43 |
1.34 |
67-69 |
2.40 |
1.97 |
1.66 |
1.45 |
1.30 |
1.20 |
1.12 |
70 & Over |
2.11 |
1.71 |
1.43 |
1.24 |
1.10 |
1.01 |
0.94 |
|
In Years Older than Employee
|
Employee's |
|
|
|
|
|
|
31 or |
Age |
1-5 |
6-10 |
11-15 |
16-20 |
21-25 |
26-30 |
more |
50-51 |
6.31 |
7.74 |
9.71 |
12.44 |
16.12 |
20.90 |
27.23 |
52-54 |
5.67 |
7.01 |
8.87 |
11.43 |
14.90 |
19.52 |
25.92 |
55-57 |
5.03 |
6.28 |
8.03 |
10.43 |
13.69 |
18.16 |
24.67 |
58-60 |
4.44 |
5.60 |
7.22 |
9.44 |
12.49 |
16.84 |
23.50 |
61-63 |
3.90 |
4.97 |
6.44 |
8.46 |
11.30 |
15.56 |
22.50 |
64-66 |
3.43 |
4.38 |
5.69 |
7.51 |
10.17 |
14.33 |
21.61 |
67-69 |
3.03 |
3.88 |
5.07 |
6.75 |
9.32 |
13.60 |
21.83 |
70 & Over |
2.68 |
3.44 |
4.52 |
6.12 |
8.70 |
13.34 |
24.21 |
|
(Source: P.A. 86-1488.)
|
