PENCD-ART 6-REVERSIONARY ANNTY

Amends the Chicago Firefighter Article of the Illinois Pension Code. Allows a fireman entitled to a retirement annuity to elect, at the time of retirement, to receive a lesser amount of such allowance and provide with the remainder of his or her equity, as actuarially determined, an annuity for any person who is dependent upon the fireman at the time of retirement, as named in a written direction filed with the board as a part of his or her application for a retirement annuity. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.