Terms Used In Illinois Compiled Statutes 40 ILCS 5/20-114

  • 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.
     The provisions of this Article shall be applicable and limited only to a retirement annuity and survivor’s annuity, and to the pension credit established for such purposes. Any death benefit, ordinary disability benefit, duty disability benefit, accidental disability benefit, supplemental annuity, or any other type of annuity or benefit provided by any retirement system, not included in the definition of retirement annuity and survivor’s annuity shall not be affected by the provisions except as provided in Section 20-124.
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