40 ILCS 5/8-139
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 8 - Municipal Employees', Officers', And Officials' Annuity And Benefit Fund--Cities Over 500,000 Inhabitants

 (from Ch. 108 1/2, par. 8-139)Sec. 8-139.     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 a 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 8-125.(e) The increases in annuity provided in Section 8-137 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) 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, eff. 7-6-00.)