Illinois Compiled Statutes 40 ILCS 5/8-131 – Annuities-Present employees and future entrants-Withdrawal after age 60 and prior to 65
Current as of: 2024 | Check for updates
|
Other versions
An employee who attains age 60 or more but less than age 65 in service, upon withdrawal, shall be entitled to annuity as of his attained age at such time as follows:
1. Present Employee–age and service and prior service annuities provided from the total credits for such annuities on the date of withdrawal.
2. Future entrant–age and service annuity provided from the total credits for such annuity on the date of withdrawal.
1. Present Employee–age and service and prior service annuities provided from the total credits for such annuities on the date of withdrawal.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-131
- 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.
2. Future entrant–age and service annuity provided from the total credits for such annuity on the date of withdrawal.