Sec. 7-118. "Beneficiary".
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/il/chapter-40/act-5/7-118A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7-118. "Beneficiary".
(a)"Beneficiary" means:
(1)Any person or persons, trust, or charity designated as a beneficiary by an employee,
former employee who has not yet received a retirement annuity or separation benefit, or employee annuitant. If no designation is on file or no beneficiary so designated survives, the estate of the employee, former employee who has not yet received a retirement annuity or separation benefit, or employee annuitant.
(2)Any person or persons, trust, or charity designated as a beneficiary by a
beneficiary annuitant or, if no designation is on file or no beneficiary so designated survives, the estate of the beneficiary annuitant.
(3)The estate of a surviving spouse annuitant where the employee or employee annuitant
filed no designation, or no person designated survives at the death of a surviving spouse annuitant.
(b)Designations of beneficiaries shall be in writing on forms prescribed by the board and effective upon filing in the fund offices. The designation forms shall provide for contingent beneficiaries. Divorce, dissolution or annulment of marriage revokes the designation of an employee's former spouse as a beneficiary on a designation executed before entry of judgment for divorce, dissolution or annulment of marriage.