All joint and survivor annuity forms shall be in an amount that is the actuarial
equivalent of the single-life annuity.
For the purposes of this Section, the term "contingent annuitant" means the
beneficiary who is designated by a participant at the time the participant
elects a joint and survivor annuity to receive the lifetime survivorship
annuity in the event the beneficiary survives the participant at the
(i) Under no circumstances may an option be elected, changed, or revoked
after the date the participant's retirement annuity commences.
(j) An election made pursuant to subsection (h)
shall become inoperative if the participant or the
contingent annuitant dies before the date the participant's annuity payments
commence, or if the eligible spouse's consent is required and not given.
(l) The automatic annual increases described in subsection (d) of Section
15-136 shall apply to retirement benefits under the portable benefit package
and the automatic annual increases described in subsection (j) of Section
15-145 shall apply to survivor benefits under the portable benefit package.
(Source: P.A. 96-586, eff. 8-18-09; 97-933, eff. 8-10-12; 97-968, eff. 8-16-12.)