Illinois Compiled Statutes 40 ILCS 5/5-133 – Widow’s prior service annuity
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“Widow’s Prior Service Annuity” shall be credited for the widow of a male present employee for service prior to the effective date, in accordance with the “Policemen’s Annuity and Benefit Fund Act of the Illinois Municipal Code” and this Article.
The amounts so credited shall be improved by interest at 4% per annum during the employee’s service subsequent to the effective date until he attains age 57.
The amounts so credited shall be improved by interest at 4% per annum during the employee’s service subsequent to the effective date until he attains age 57.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-133
- 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.