(40 ILCS 5/12-136.1)
(from Ch. 108 1/2, par. 12-136.1)
Optional reversionary annuity for surviving spouse.
An employee may elect to take a lesser retirement annuity reduced by not
more than 1/3 thereof and provide an optional reversionary annuity for a
surviving spouse derived from the actuarial value of his retirement
annuity; provided (a) a written notice of election by the employee to
provide such annuity is received by the board at least 1 year before the
date of his retirement, except that for an employee retiring prior to July
1, 1964, such notice must be given the board at least 60 days before his
retirement, (b) the amount of the optional reversionary annuity as
specified in the employee's notice of election is not less than $100
per month nor more than the employee's reduced retirement annuity, and (c)
death of the employee occurs after retirement.
The employee may revoke the election if notice thereof is received by
the board at least 1 year before the date the retirement annuity begins.
The death of the employee or death of the spouse prior to retirement of the
employee shall constitute an automatic revocation of the election.
No option shall be permitted in any case where the reversionary annuity
for a wife, when added to the widow's annuity provided herein, exceeds the
reduced retirement annuity payable to the employee.
The increases in the retirement annuity provided in Section 12-133.1
shall, as to a member so electing a reversionary annuity, be applicable to
the amount of the reduced retirement annuity.
An optional reversionary annuity shall begin on the day next following
the annuitant's death. If the beneficiary does not survive the annuitant,
no such annuity shall be payable.
(Source: P.A. 82-1008.)