40 ILCS 5/11-134.2
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 11 - Laborers' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000 Inhabitants

 (from Ch. 108 1/2, par. 11-134.2)Sec. 11-134.2.     Reversionary annuity.(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 to a parent, child, brother, or sister if the  employee dies before the expiration of 365  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 $400 per month, or elect to provide a  reversionary  annuity of less than $50 per month.  No option shall be permitted if the  reversionary annuity for a widow, when added to the widow's annuity payable  under this Article, exceeds 100% of the reduced annuity payable to  the employee.(d) A reversionary annuity shall begin on the day following the death of  the annuitant and shall be paid as provided in Section 11-124.(e) The increases in annuity provided in Section 11-134.1 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 increases shall be based.(f) For annuities elected after June 30, 1983, 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:        Employee's Age     Reversionary            Annuitant's          Age 50-51 52-54 55-57 58-60 61-63 64-66 67-69 70 &            Over     30 or             more             years           younger 3.03 2.56 2.18 1.84 1.55 1.29 1.08 0.91     25-29             years           younger 3.16 2.68 2.29 1.94 1.63 1.37 1.15 0.97     20-24             years           younger 3.35 2.85 2.44 2.07 1.75 1.48 1.25 1.06     15-19             years           younger 3.60 3.08 2.65 2.26 1.92 1.63 1.39 1.19     10-14             years           younger 3.96 3.40 2.94 2.53 2.16 1.85 1.59 1.37     5-9             years           younger 4.46 3.84 3.35 2.90 2.51 2.16 1.88 1.64     0-4             years           younger 5.15 4.47 3.93 3.44 3.00 2.61 2.29 2.02     1-5             years           older 6.12 5.36 4.76 4.21 3.71 3.26 2.88 2.56     6-10             years           older 7.48 6.61 5.93 5.30 4.71 4.16 3.70 3.29     11-15             years           older 9.37 8.35 7.58 6.83 6.11 5.40 4.82 4.32     16-20             years           older 11.99 10.78 9.84 8.93 8.02 7.13 6.43 5.87     21-25             years           older 15.59 14.06 12.91 11.82 10.73 9.66 8.88 8.35     26-30             years           older 20.42 18.49 17.15 15.96 14.80 13.65 12.97 12.82     31 or             more             years           older 27.07 24.72 23.34 22.32 21.45 20.62 20.85 23.28     (Source: P.A. 90-31, eff. 6-27-97; 90-766, eff. 8-14-98; 91-887, 7-6-00.)