Illinois Compiled Statutes 40 ILCS 5/8-146 – Widow’s annuity – Present employees and future entrants – Withdrawal …
Current as of: 2024 | Check for updates
|
Other versions
Widow’s annuity – Present employees and future entrants – Withdrawal after age 55 but before 60. The widow of an employee who, (1) attains age 55 or more but less than age 60 in service and (2) has served 10 or more years and (3) withdraws, shall be entitled after his death to an annuity fixed on the date of withdrawal.
The widow is entitled to receive the amount provided on a reversionary annuity basis from the employee’s credit on the date when the annuity was fixed as follows:
(1) If service is 20 or more years, the total credits for widow’s annuity and in addition, if he was a present employee, the total credits for widow’s prior service annuity; or
(2) If service is 10 or more but less than 20 years, the total credits for widow’s annuity from employee contributions and 1/10 of the total credits for widow’s annuity from city contributions for each year of service after the first 10 years, including for the widow of a present employee, 1/10 of the total credits for widow’s prior service annuity from city contributions for each year of service after the first 10 years.
The widow is entitled to receive the amount provided on a reversionary annuity basis from the employee’s credit on the date when the annuity was fixed as follows:
Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-146
- 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.
(1) If service is 20 or more years, the total credits for widow’s annuity and in addition, if he was a present employee, the total credits for widow’s prior service annuity; or
(2) If service is 10 or more but less than 20 years, the total credits for widow’s annuity from employee contributions and 1/10 of the total credits for widow’s annuity from city contributions for each year of service after the first 10 years, including for the widow of a present employee, 1/10 of the total credits for widow’s prior service annuity from city contributions for each year of service after the first 10 years.