Illinois Compiled Statutes 40 ILCS 5/20-117 – Vesting of pension credit – Combined pension credit under all …
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/20-117
- 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.
Vesting of pension credit – Combined pension credit under all participating systems. If the vesting of pension credit in any participating system for a retirement annuity or survivor’s annuity is based upon length of service, the combined service under all participating systems shall be considered in establishing such vesting of pension credit.