Illinois Compiled Statutes 40 ILCS 5/9-104 – The 1925 Act
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/9-104
- 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.
“The 1925 Act”: “An Act to provide for the creation, setting apart, maintenance and administration of a county employees’ and officers’ annuity and benefit fund in counties having a population exceeding five hundred thousand inhabitants”, approved July 2, 1925, as amended.