(40 ILCS 5/14-122)
(from Ch. 108 1/2, par. 14-122)
Limitation on widow's and survivors annuity.
(a) If a beneficiary
also qualifies for a widow's annuity or
survivors annuity under Articles 2, 15, 16, 17 or 18 of this Code, and
the combined annuities payable thereunder to a widow's annuity or
survivors annuity beneficiary, because of established pension credits,
exceed the highest annuity to such a beneficiary under the aforesaid
Articles, the annuity payable by this system to the eligible beneficiary
shall be reduced to an amount which when added to the annuity payable by
such other system or systems would equal such highest annuity.
(b) If any of the other retirement systems involved provide for a
similar adjustment, the respective annuities shall be reduced in
proportion to the ratio which the amount of each proportional annuity
bears to the aggregate of all proportional annuities.
(c) In the event a beneficiary of such other system or systems
elects to waive a widow's or survivors annuity in favor of a lump sum or
death benefit payment, this system shall, for the adjustment of the
widow's or survivors annuity under this section, assume that the
beneficiary had been entitled to an annuity as an actuarial equivalent
at the date of death of the member or annuitant of such lump sum or
death benefit payment as of attained age of the beneficiary at such date
according to the actuarial tables in use by the system.
(Source: P.A. 80-841.)