Retirement annuities shall be payable as hereinafter set forth:
     (a) A participating employee who, regardless of cause, is separated from the service of all participating municipalities and instrumentalities thereof and participating instrumentalities shall be entitled to a retirement annuity provided:

Terms Used In Illinois Compiled Statutes 40 ILCS 5/7-141

  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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
  • Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27

         1. He is at least age 55 if he is a Tier 1 regular
    
employee, he is age 62 if he is a Tier 2 regular employee, or, in the case of a person who is eligible to have his annuity calculated under Section 7-142.1, he is at least age 50;
        2. He is not entitled to receive earnings for
    
employment in a position requiring him, or entitling him to elect, to be a participating employee;
        3. The amount of his annuity, before the application
    
of paragraph (b) of Section 7-142 is at least $10 per month;
        4. If he first became a participating employee after
    
December 31, 1961 and is a Tier 1 regular employee, he has at least 8 years of service, or, if he is a Tier 2 regular member, he has at least 10 years of service. This service requirement shall not apply to any participating employee, regardless of participation date, if the General Assembly terminates the Fund.
    (b) Retirement annuities shall be payable:
         1. As provided in Section 7-119;
         2. Except as provided in item 3, upon receipt by the
    
fund of a written application. The effective date may be not more than one year prior to the date of the receipt by the fund of the application;
        3. Upon attainment of the required age of
    
distribution under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended, if the member (i) is no longer in service, and (ii) is otherwise entitled to an annuity under this Article;
        4. To the beneficiary of the deceased annuitant for
    
the unpaid amount accrued to date of death, if any.
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