Terms Used In Illinois Compiled Statutes 40 ILCS 5/24-108

  • 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.
     In the event that any fireman is transferred to a municipal fire department as a consequence of the absorption of a fire protection district occurring prior to January 1, 1980, and such fireman has entered into a deferred compensation and/or annuity contract with the absorbing municipality pursuant to Section 24-101, then notwithstanding Section 4-142, such municipality may make contributions to the deferred compensation or annuity program on such fireman’s behalf, and any such contributions made prior to the effective date of this amendatory Act of 1981 are hereby validated.
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