Illinois Compiled Statutes 40 ILCS 5/7-145 – Reversionary annuities
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(a) An employee entitled to a retirement annuity may elect to provide a reversionary annuity for a beneficiary if:
1. Under the provisions of paragraph (a) 1 of Section
1. Under the provisions of paragraph (a) 1 of Section
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7-142 he is entitled to an immediate annuity of at least $10 per month; and
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2. His accumulated additional and optional credits
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are sufficient to provide a reversionary annuity, of at least $10 per month, for the beneficiary.
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(b) An election shall become effective only:
1. If a written notice thereof by the employee is
Terms Used In Illinois Compiled Statutes 40 ILCS 5/7-145
- 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
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
1. If a written notice thereof by the employee is
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received by the board; and
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2. If the amount of the beneficiary’s reversionary
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annuity specified in the notice is not less than $10 nor more than that which can be provided, at the time of election, by the accumulation of additional and optional credits.
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(c) The amount of the reversionary annuity shall be that specified in the notice of election.
(d) Reversionary annuity shall begin the first day of the month following the month in which the last payment of the employee annuity is payable because of death, provided the beneficiary is alive at such time. If the beneficiary does not survive the annuitant, no reversionary annuity shall be payable, but only the death benefit as provided in Sections 7-163 and 7-164.
(e) Any election made under this Section shall be irrevocable by the employee.
(d) Reversionary annuity shall begin the first day of the month following the month in which the last payment of the employee annuity is payable because of death, provided the beneficiary is alive at such time. If the beneficiary does not survive the annuitant, no reversionary annuity shall be payable, but only the death benefit as provided in Sections 7-163 and 7-164.
(e) Any election made under this Section shall be irrevocable by the employee.