Illinois Compiled Statutes 40 ILCS 5/8-218 – Duty disability reserve
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-218
- 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.
Amounts contributed by the city for duty disability benefits and child’s disability benefits, and amounts contributed by the city for compensation annuity shall be credited to this reserve. Such benefits and annuities shall be charged to it.