Illinois Compiled Statutes 40 ILCS 5/24-106 – The State or the unit of local government or school district under a …
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/24-106
- 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.
- compensation: includes compensation received in a lump sum for accumulated unused vacation, personal leave or sick leave, with the exception of health care providers. See Illinois Compiled Statutes 40 ILCS 5/24-102
- Contract: A legal written agreement that becomes binding when signed.
- employee: means any person, including a person elected, appointed or under contract, receiving compensation from the State or a unit of local government or school district for personal services rendered, including salaried persons. See Illinois Compiled Statutes 40 ILCS 5/24-102
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
The State or the unit of local government or school district under a deferred compensation program shall be obligated at any point in time solely for the then current value of the particular fixed or variable life insurance or annuity contract, mutual funds or other investment purchased on behalf of any employee.