Illinois Compiled Statutes 40 ILCS 5/8-185 – Widow’s annuity credit-All employees in certain other superseded funds
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A male employee who, on December 31, 1959, was a contributor to an annuity and benefit fund in the city under the Court and Law Department Employees’ Annuity Act, or under the Board of Election Commissioners Employees’ Annuity Act shall receive a credit in this fund as follows:
In lieu of other amounts provided herein for service prior to January 1, 1960, he shall be credited in his like account in this fund, as of January 1, 1960, with the accumulated employee contributions and city contributions respectively standing to his credit in such other fund or funds for widow’s annuity and widow’s prior service annuity on December 31, 1959.
In lieu of other amounts provided herein for service prior to January 1, 1960, he shall be credited in his like account in this fund, as of January 1, 1960, with the accumulated employee contributions and city contributions respectively standing to his credit in such other fund or funds for widow’s annuity and widow’s prior service annuity on December 31, 1959.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-185
- 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.