(40 ILCS 5/14-117)
(from Ch. 108 1/2, par. 14-117)
Nonoccupational death benefit-Death after retirement.
Upon death of a retired member, unless a reversionary annuity,
widow's annuity or survivors annuity is payable, a death benefit shall
be payable to such person as the member shall have nominated by written
direction duly acknowledged and filed with the board or if no such
nomination, to the estate of the member. Such benefit shall consist of
the excess, if any, of the member's accumulated contributions plus credited
remaining in the system at the time of retirement, over the total amount
of all retirement annuity payments received by the member prior to
death subject to a minimum payment of $500.
(Source: P.A. 80-841.)