Illinois Compiled Statutes 40 ILCS 5/6-103 – Firemen’s Annuity and Benefit Fund Act of the Illinois Municipal Code
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/6-103
- 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.
“Firemen’s Annuity and Benefit Fund Act of the Illinois Municipal Code”: Division 9 of Article 10 of the Illinois Municipal Code, being a continuation of “An Act to provide for the creation, setting apart, maintenance and administration of a firemen’s annuity and benefit fund in cities having a population exceeding five hundred thousand inhabitants”, approved June 12, 1931, as amended.