As a member of the Fund, you may, SUBJECT TO PRIOR RIGHT OF ELIGIBLE SPOUSE AND/OR ELIGIBLE MINOR CHILDREN TO ANNUITY, designate one or more beneficiaries to receive any amount which may become refundable to you in the event of your death. Beneficiaries may include people, trusts, churches, charities, or other organizations. If you designate a trust, you must provide the name of the trust and the address where the trust is filed.
Beneficiaries may be changed at any time by filing a new Beneficiary Designation Form with the Fund. The Fund will only honor the most recent Beneficiary Designation Form that has been completed, signed, notarized and filed with the Fund before the member’s death.
A new Beneficiary Designation Form should be filed in the event of a marriage, civil union, divorce, birth of a child, the death of your beneficiary(ies), or any other life change if it will affect whom you wish to designate as your beneficiary.
If you designate more than one beneficiary, you may indicate a percentage to be paid to each one. If you do not list a percentage or if the total of all shares does not equal 100%, the Fund will allocate equal shares to each eligible beneficiary. If one or more primary beneficiary(ies) predeceases you, his or her share(s) will be equally divided between the surviving primary beneficiaries.
If you do not designate a beneficiary(ies) to receive any amount refundable upon the date of your death, the Illinois Pension Code provides that such a refund shall be payable in the following order:
1. To your children in equal parts to each;
2. To the executor or administrator of your estate; or
3. To your heirs according to the laws of descent and distribution of the state of Illinois.
The Beneficiary Designation Form
must be signed, dated and notarized to be valid. If your form is not complete and notarized, it will be rejected and considered void.
Use this form to designate or change your beneficiary designations. This form cannot be used by survivors and QILDRO members.