Illinois Compiled Statutes 40 ILCS 5/20-110 – Retirement annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/20-110
- 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.
“Retirement annuity”: Any pension, retirement allowance, retirement annuity, disability pension, disability retirement allowance or disability retirement annuity, and an annuity payable on account of retirement for age, years of service or total and permanent disability.