Illinois SB1894 amends the Illinois Pension Code to allow survivors insurance beneficiaries or their representatives to waive survivorship benefits.
Illinois SB1894 amends the Illinois Pension Code to allow a survivors insurance beneficiary or the personal representative of a beneficiary under a legal disability to waive the right to receive survivorship benefits. This waiver must be in writing and submitted to the Board of Trustees within six months after the System notifies the beneficiary of the benefits payable upon the death of the participant or annuitant, and before any payment is made.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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