Illinois Compiled Statutes 40 ILCS 5/5-110 – Present employee
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-110
- 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.
“Present employee”: Any person employed by a city as a policeman on the day before the effective date, and, effective January 1, 1960, a policeman who qualifies as a present employee under the “Park Policemen’s Annuity Act” whose employment as a policeman has been transferred to the police service of the city as a result of the “Exchange of Functions Act of 1957”.