(40 ILCS 5/14-113) (from Ch. 108 1/2, par. 14-113)
Sec. 14-113.
Reversionary annuity.
A member entitled to a
retirement annuity may elect, at the time of retirement, to receive a
lesser amount of such allowance and provide with the remainder of his
equity, as actuarially determined, an annuity for any person who is
dependent upon the member at the time of retirement, as named in a written
direction filed with the board as a part of his application for a
retirement annuity; provided, that (1) the condition of
dependency exists and is proved to the satisfaction of the board; and
that (2) the reversionary annuity resulting from such election is not
less than $10 per month, nor more than the amount of reduced
retirement annuity which the member receives under this option.
The reversionary annuity shall be the amount determined by the board
in accordance with the member's written direction. A reversionary
annuity shall begin the first day of the month following the death of
the annuitant; provided, that if the designated reversionary annuity
beneficiary does not survive the annuitant, a reversionary annuity shall
not be payable nor shall any change be permitted in the written
direction filed with the board after the retirement annuity has been granted
and became effective.
(Source: P.A. 80-841.)
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