98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5592

 

Introduced , by Rep. Robert F. Martwick

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/7-145  from Ch. 108 1/2, par. 7-145

    Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code. In a provision authorizing the election of a reversionary annuity: (i) deletes the requirement that the election be made at the time retirement annuity begins; and (ii) provides that the election is irrevocable. Effective January 1, 2015.


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PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5592LRB098 17314 EFG 52408 b

1    AN ACT concerning in relation to public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 7-145 as follows:
 
6    (40 ILCS 5/7-145)  (from Ch. 108 1/2, par. 7-145)
7    Sec. 7-145. Reversionary annuities.
8    (a) An employee entitled to a retirement annuity may elect
9to provide a reversionary annuity for a beneficiary if, at the
10time such retirement annuity begins:
11        1. Under the provisions of paragraph (a) 1 of Section
12    7-142 he is entitled to an immediate annuity of at least
13    $10 per month; and
14        2. His accumulated additional and optional credits are
15    sufficient to provide a reversionary annuity, of at least
16    $10 per month, for the beneficiary.
17    (b) An election shall become effective only:
18        1. If a written notice thereof by the employee is
19    received by the board together with his application for
20    retirement annuity; and
21        2. If the amount of the beneficiary's reversionary
22    annuity specified in the notice is not less than $10 nor
23    more than that which can be provided, at the time of

 

 

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1    election, by the accumulation of additional and optional
2    credits.
3    (c) The amount of the reversionary annuity shall be that
4specified in the notice of election.
5    (d) Reversionary annuity shall begin the first day of the
6month following the month in which the last payment of the
7employee annuity is payable because of death, provided the
8beneficiary is alive at such time. If the beneficiary does not
9survive the annuitant, no reversionary annuity shall be
10payable, but only the death benefit as provided in Sections
117-163 and 7-164.
12    (e) Any election made under this Section shall be
13irrevocable by the employee.
14(Source: P.A. 90-448, eff. 8-16-97.)
 
15    Section 99. Effective date. This Act takes effect January
161, 2015.