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90_HB2958
40 ILCS 5/2-120 from Ch. 108 1/2, par. 2-120
Amends the Illinois Pension Code. Corrects an error in a
cross reference. Effective immediately.
LRB9009494EGfg
LRB9009494EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 2-120.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 2-120 as follows:
7 (40 ILCS 5/2-120) (from Ch. 108 1/2, par. 2-120)
8 Sec. 2-120. Reversionary annuity.
9 (a) Prior to retirement, a participant may elect to take
10 a reduced retirement annuity and provide, with the actuarial
11 value of the amount of the reduction in annuity, a
12 reversionary annuity for a spouse, parent, child, brother or
13 sister. The option shall be exercised by the filing of a
14 written designation with the board prior to retirement, and
15 may be revoked by the participant at any time before
16 retirement. The death of the participant or the designated
17 reversionary annuitant prior to the participant's retirement
18 shall automatically void this option. If the reversionary
19 annuitant dies after the participant's retirement, the
20 reduced annuity being paid to the retired participant shall
21 remain unchanged and no reversionary annuity shall be
22 payable.
23 (b) A reversionary annuity shall not be payable if the
24 participant dies before the expiration of 2 years from the
25 date the written designation was filed with the board even
26 though he or she had retired and was receiving a reduced
27 retirement annuity under this option.
28 (c) A reversionary annuity shall begin on the first day
29 of the month following the death of the annuitant and
30 continue until the death of the reversionary annuitant.
31 (d) For a member electing to take a reduced annuity
-2- LRB9009494EGfg
1 under this Section, the automatic increases provided in
2 Section 2-119.1 2-119.2 shall be applied to the amount of the
3 reduced retirement annuity.
4 (Source: P.A. 83-1440; revised 12-18-97.)
5 Section 99. Effective date. This Act takes effect upon
6 becoming law.