Illinois Compiled Statutes 40 ILCS 5/15-138 – Retirement annuities-Reduction
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/15-138
- 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.
If a participant elects to have a reversionary annuity under this Article, the retirement annuity otherwise payable shall be reduced by the actuarial equivalent of the amount required to provide the reversionary annuity.