§ 9-135 — Reversionary annuity

Illinois § 9-135

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 9 - County Employees' and Officers' Annuity and Benefit Fund - Counties Over 3,000,000 Inhabitants

Text

(a) An employee, prior to retirement on annuity, may elect to take 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, parent, child, brother or sister. The option shall 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 his retirement shall automatically void the option. (b) The death of the designated reversionary annuitant prior to the employee's retirement shall automatically void the option. If the reversionary annuitant dies after the employee's retirement and before the death of the employee annuitant, the reduced annuity being paid to the retired employee annuitant shall be increased to the amount of annuity before reduction for the reversionary annuity and no reversionary annuity shall be payable. The option is subject to the further condition that no reversionary annuity shall be paid if the employee dies before the expiration of 730 days from the date his written designation was filed with the board, even though he has retired and is receiving a reduced annuity. (c) The employee exercising this option shall not reduce his retirement annuity by more than $100 a month or by 25%, whichever is the lesser, or elect to provide a reversionary annuity of less than $50 per month. After July 1, 1981 the $100 limitation shall not apply. No option shall be permitted if the reversionary annuity for a widow, when added to the widow's annuity payable under this Article, exceeds 80% of the reduced annuity payable to the employee. (d) A reversionary annuity shall begin on the day following the death of the employee annuitant, with the first payment to be made on the first day of the calendar month following the death of the employee annuitant and the last payment to be made on the first day of the calendar month in which the reversionary annuitant dies. (e) The increases in annuity provided in Section 9-133 of this Article shall, as to an employee so electing a reduced annuity, relate to the amount of the original annuity, and such amount shall constitute the annuity on which such automatic increases shall be based. (f) The amount of the monthly reversionary annuity shall be determined by multiplying the amount of the monthly reduction in the employee's annuity by the factor in the following table based on the age of the employee and the difference in the age of the employee and the age of the reversionary annuitant at the starting date of the employee's annuity: Reversionary Annuitant's Age in Years Younger than Employee Employee's 30 or Age 0-4 5-9 10-14 15-19 20-24 25-29 more 50-51 5.32 4.60 4.09 3.61 3.43 3.30 3.09 52-54 4.71 4.04 3.56 3.11 2.96 2.79 2.65 55-57 4.14 3.52 3.08 2.76 2.54 2.38 2.26 58-60 3.62 3.05 2.65 2.36 2.16 2.02 1.91 61-63 3.16 2.63 2.27 2.01 1.83 1.70 1.60 64-66 2.74 2.27 1.94 1.70 1.54 1.43 1.34 67-69 2.40 1.97 1.66 1.45 1.30 1.20 1.12 70 & Over 2.11 1.71 1.43 1.24 1.10 1.01 0.94 In Years Older than Employee Employee's 31 or Age 1-5 6-10 11-15 16-20 21-25 26-30 more 50-51 6.31 7.74 9.71 12.44 16.12 20.90 27.23 52-54 5.67 7.01 8.87 11.43 14.90 19.52 25.92 55-57 5.03 6.28 8.03 10.43 13.69 18.16 24.67 58-60 4.44 5.60 7.22 9.44 12.49 16.84 23.50 61-63 3.90 4.97 6.44 8.46 11.30 15.56 22.50 64-66 3.43 4.38 5.69 7.51 10.17 14.33 21.61 67-69 3.03 3.88 5.07 6.75 9.32 13.60 21.83 70 & Over 2.68 3.44 4.52 6.12 8.70 13.34 24.21

Legislative History

(Source: P.A. 86-1488 .)