Illinois Compiled Statutes 40 ILCS 5/17-111 – Reversionary pension
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/17-111
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
“Reversionary pension”: A pension computed on an actuarially equated basis and payable to a contributor’s beneficiary designated under a prescribed option before retirement, commencing upon the death of the contributor after retirement on pension and continuing thereafter during the life of the beneficiary.