Illinois Compiled Statutes 40 ILCS 5/5-150 – Whenever the sum to a policeman’s credit for annuity for him or his …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-150
- 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.
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
Whenever the sum to a policeman’s credit for annuity for him or his widow is insufficient, at the time the amount of such annuity is fixed, to provide a life annuity of $10 a month, a term annuity of $10 a month shall be payable for a period of years and months to be computed from his credits according to the actuarial tables in use by the fund.