Illinois Compiled Statutes 40 ILCS 5/20-116 – Minimum qualifying age – Deferred payments
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/20-116
- 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 the minimum qualifying age in any of the participating systems is lower than the minimum qualifying age in any other participating system which is to provide a proportional retirement annuity, or proportional survivor’s annuity, payments by such other system shall be deferred until the employee or survivor has attained the minimum qualifying age prescribed for such system.