Illinois Compiled Statutes 40 ILCS 5/9-146.2 – Automatic annual increase in widow’s annuity
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(a) Every widow’s annuity, other than a term annuity, shall be increased on January 1, 1998 or the January 1 occurring on or immediately after the first anniversary of the deceased employee’s death, whichever occurs later, by an amount equal to 3% of the amount of the annuity.
On each January 1 after the date of the initial increase under this Section, the widow’s annuity shall be increased by an amount equal to 3% of the amount of the widow’s annuity payable at the time of the increase, including any increases previously granted under this Article.
(b) Limitations on the maximum amount of widow’s annuity imposed under Section 9-150 do not apply to the annual increases provided under this Section.
(c) The increases provided under this Section also apply to compensation annuities and supplemental annuities payable under Section 9-147. The increases provided under this Section do not apply to term annuities.
On each January 1 after the date of the initial increase under this Section, the widow’s annuity shall be increased by an amount equal to 3% of the amount of the widow’s annuity payable at the time of the increase, including any increases previously granted under this Article.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/9-146.2
- 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.
(b) Limitations on the maximum amount of widow’s annuity imposed under Section 9-150 do not apply to the annual increases provided under this Section.
(c) The increases provided under this Section also apply to compensation annuities and supplemental annuities payable under Section 9-147. The increases provided under this Section do not apply to term annuities.