Illinois Compiled Statutes 40 ILCS 5/20-112 – Survivor’s annuity
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/20-112
- 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.
“Survivor’s annuity”: Payments by a system which are made to the widow or survivors of an employee or participant in the form of a pension or annuity or a lump sum which, under the provisions of the law governing such system, is considered as a widow’s or survivor’s benefit, or a lump sum which is made in lieu of a pension or annuity which would otherwise be payable to the widow or survivor.