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40 ILCS 5/13-303
(40 ILCS 5/13-303) (from Ch. 108 1/2, par. 13-303)
Sec. 13-303. Reversionary annuity.
(a) An employee, prior to retirement on annuity, may elect a lesser
amount of annuity and provide, with the actuarial value of the amount by
which his annuity is reduced, a reversionary annuity for a wife, husband,
parents, children, brothers or sisters. The election may be exercised by
filing a written designation with the Board prior to retirement, and may be
revoked by the employee at any time before retirement. The death of the
employee prior to retirement shall automatically void the election.
(b) The death of the designated reversionary annuitant prior to the
employee's retirement shall automatically void the election, but, if death
of the designated reversionary annuitant occurs after retirement, the
reduced annuity being paid to the retired employee annuitant shall remain
unchanged and no reversionary annuity shall be payable.
No reversionary annuity shall be paid if the employee dies before the
expiration of 730 days from the date the written designation
was filed with the board, even though the employee retired and was
receiving a reduced annuity.
(c) An employee exercising this option shall not reduce the annuity by
more than 25%, nor elect to provide a reversionary annuity of less than $100
per month. No such option shall be permitted if the reversionary annuity
for a surviving spouse, when added to the surviving spouse's annuity
payable under this Article, exceeds 85% of the reduced annuity payable to the employee.
(d) A reversionary annuity shall begin on the day following the death of
the annuitant, with the first payment due and payable one month later, and
shall continue monthly thereafter until the death of the reversionary
annuitant. Beginning on the first day of the month following the month in which this amendatory Act of the 96th General Assembly takes effect, a reversionary annuity shall begin on the first of the month following the annuitant's death and is payable for the full month if the reversionary annuitant is alive on the first day of the month.
(e) The increases in annuity provided in Section 13-302(d) shall, as to
an employee so electing a reduced annuity, relate to the amount of reduced
annuity, and such lesser amount shall constitute the annuity on which such
increases shall be based.
(f) For determining the actuarial value under this option of the employee's
annuity and the reversionary annuity, the Fund shall use an actuarial table
recommended by the Fund's actuarial consultant and approved by the Board of
Trustees.
(Source: P.A. 96-251, eff. 8-11-09.)
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