Illinois Compiled Statutes 40 ILCS 5/12-151 – Contributions by employees for widow’s service annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-151
- 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.
Beginning July 1, 1919, subject to the provisions of Section 12-184 for transferred employees, from each payment of salary to a male employee, there shall be deducted as contributions 1% of salary to provide for a widow’s service annuity. Such deduction shall continue until the employee withdraws from service or retires.