Illinois Compiled Statutes 40 ILCS 5/7-118 – “Beneficiary”
Current as of: 2024 | Check for updates
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(a) “Beneficiary” means:
(1) Any person or persons, trust, or charity
(1) Any person or persons, trust, or charity
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designated as a beneficiary by an employee, former employee who has not yet received a retirement annuity or separation benefit, or employee annuitant. If no designation is on file or no beneficiary so designated survives, the estate of the employee, former employee who has not yet received a retirement annuity or separation benefit, or employee annuitant.
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(2) Any person or persons, trust, or charity
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designated as a beneficiary by a beneficiary annuitant or, if no designation is on file or no beneficiary so designated survives, the estate of the beneficiary annuitant.
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(3) The estate of a surviving spouse annuitant where
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the employee or employee annuitant filed no designation, or no person designated survives at the death of a surviving spouse annuitant.
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(b) Designations of beneficiaries shall be in writing on forms prescribed by the board and effective upon filing in the fund offices. The designation forms shall provide for contingent beneficiaries. Divorce, dissolution or annulment of marriage revokes the designation of an employee’s former spouse as a beneficiary on a designation executed before entry of judgment for divorce, dissolution or annulment of marriage.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/7-118
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32