Illinois Compiled Statutes 40 ILCS 5/5-147.1 – Widows-double annuity
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-147.1
- 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.
If any widow (1) receives any annuity from the fund, and (2) after January 1, 1983 marries a policeman who is a participant in this fund, and (3) such policeman dies and a second widow’s annuity becomes payable, the first widow’s annuity provided for such widow shall be cancelled at the time she accepts any payment of the second widow’s annuity. Any refund due because of such cancelled annuity shall be paid to the widow.