Illinois Compiled Statutes 40 ILCS 5/12-135.3 – Annual increases to surviving spouses
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-135.3
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32
On January 1 of each year, every surviving spouse, other than a surviving spouse who is receiving a temporary annuity or who has received a surviving spouse annuity for less than one full year, shall be entitled to a 3% annual increase in his or her surviving spouse’s annuity. The 3% annual increase shall be based on the amount of annuity then payable, including any increases previously received under this Section.