(40 ILCS 5/2-120) (from Ch. 108 1/2, par. 2-120)
Sec. 2-120.
Reversionary annuity.
(a) Prior to retirement, a participant may elect to take a reduced
retirement annuity and provide, with the actuarial value of the
amount of the reduction in annuity, a reversionary annuity
for a spouse, parent, child, brother or sister. The option shall be
exercised by the filing of a written designation with the board prior to
retirement, and may be revoked by the participant at any
time before retirement.
The death of the participant or the designated
reversionary annuitant
prior to the participant's retirement shall automatically
void this option. If
the reversionary annuitant dies after the participant's
retirement, the reduced
annuity being paid to the retired participant shall remain
unchanged and no
reversionary annuity shall be payable.
(b) A reversionary
annuity shall not be payable if the participant
dies before the expiration of 2 years
from the date the written designation was filed with the board even though
he or she had retired and was receiving a reduced retirement annuity under this
option.
(c) A reversionary annuity shall begin on the first day of the month
following the death of the annuitant and
continue until the death of the reversionary annuitant.
(d) For a member electing to take a reduced annuity under this Section,
the automatic increases provided in Section 2-119.1 shall be
applied to
the amount of the reduced retirement annuity.
(Source: P.A. 90-655, eff. 7-30-98.)
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