Illinois HB3194 allows survivors insurance beneficiaries to waive their right to receive benefits within 6 months of notification.
Illinois HB3194 amends the Illinois Pension Code to allow a survivors insurance beneficiary or their representative to waive the right to receive survivorship benefits. The waiver must be in writing and submitted to the Board of Trustees within 6 months after the beneficiary is notified of the benefits, but before any payment is made. This change applies to survivors insurance benefits payable upon the death of a participant or annuitant. The bill takes effect immediately upon becoming law.
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