Illinois HB3194 amends the Illinois Pension Code to allow survivors insurance beneficiaries to waive their benefits.
Illinois HB3194 amends the Illinois Pension Code to allow a survivors insurance beneficiary or their personal representative to waive their right to receive survivorship benefits. The waiver must be in writing and submitted to the Board of Trustees within 6 months after the System notifies the beneficiary of the benefits payable upon the death of the participant or annuitant. This change modifies the timing of the waiver from being 6 months after the death to 6 months after notification of the benefits.
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