98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5592
 
Introduced , by Rep. Robert F. Martwick
 
SYNOPSIS AS INTRODUCED:
 

 
  
40 ILCS 5/7-145  from Ch. 108 1/2, par. 7-145

     Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code.  In a provision authorizing the election of a reversionary annuity: (i) deletes the requirement that the election be made at the time retirement annuity begins; and (ii) provides that the election is irrevocable.  Effective January 1, 2015.
  


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PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB5592LRB098 17314 EFG 52408 b


  
1    AN ACT concerning in relation to public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 7-145 as follows:
 



6    (40 ILCS 5/7-145)  (from Ch. 108 1/2, par. 7-145)



7    Sec. 7-145. Reversionary annuities. 

8    (a) An employee entitled to a retirement annuity may elect 
9to provide a
reversionary annuity for a beneficiary if, at the 
10time such retirement
annuity begins:


11        1. Under the provisions of paragraph (a) 1 of Section 
12    7-142 he is
entitled to an immediate annuity of at least 
13    $10 per month; and


14        2. His accumulated additional and optional credits are 
15    sufficient to
provide a reversionary annuity, of at least 
16    $10 per month, for the
beneficiary.

17    (b) An election shall become effective only:


18        1. If a written notice thereof by the employee is 
19    received by the board
together with his application for 
20    retirement annuity; and


21        2. If the amount of the beneficiary's reversionary 
22    annuity specified in
the notice is not less than $10 nor 
23    more than that which can be provided,
at the time of 
 
 
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1    election, by the accumulation of additional and optional 
2    credits.

3    (c) The amount of the reversionary annuity shall be that 
4specified in
the notice of election.

5    (d) Reversionary annuity shall begin the first day of the 
6month
following the month in which the last payment of the 
7employee annuity is
payable because of death, provided the 
8beneficiary is alive at such time.
If the beneficiary does not 
9survive the annuitant, no reversionary annuity
shall be 
10payable, but only the death benefit as provided in Sections 
117-163
and 7-164.

12    (e) Any election made under this Section shall be 
13irrevocable by the employee. 
14(Source: P.A. 90-448, eff. 8-16-97.)

 
 
15    Section 99. Effective date. This Act takes effect January 
161, 2015.