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§ 15-120. Beneficiary; survivor annuitant under portable benefit package. “Beneficiary”: The person or persons designated by the participant or annuitant in the last written designation on file with the board; or if no person so designated survives, or if no designation is on file, the estate of the participant or annuitant. Acceptance by the participant of a refund of accumulated contributions or an accelerated pension benefit payment under Section 15-185.5 shall result in cancellation of all beneficiary designations previously filed. A spouse whose marriage was dissolved shall be disqualified as beneficiary unless the spouse was designated as beneficiary after the effective date of the dissolution of marriage.
After a joint and survivor annuity commences under the portable benefit package, the survivor annuitant of a joint and survivor annuity is not disqualified, and may not be removed, as the survivor annuitant by a dissolution of the survivor's marriage with the participant or annuitant.
Cite this article: FindLaw.com - Illinois Statutes Chapter 40. Pensions § 5/15-120. Beneficiary; survivor annuitant under portable benefit package - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-40-pensions/il-st-sect-40-5-15-120/
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