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| | HB5592 Engrossed | | LRB098 17314 EFG 52408 b |
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1 | | AN ACT concerning public employee benefits.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Pension Code is amended by changing |
5 | | Section 7-145 as follows:
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6 | | (40 ILCS 5/7-145) (from Ch. 108 1/2, par. 7-145)
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7 | | Sec. 7-145. Reversionary annuities.
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8 | | (a) An employee entitled to a retirement annuity may elect |
9 | | to provide a
reversionary annuity for a beneficiary if , at the |
10 | | time such retirement
annuity begins :
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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
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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.
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17 | | (b) An election shall become effective only:
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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
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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 |