Illinois Compiled Statutes 40 ILCS 5/11-159.1 – Annuity after withdrawal while disabled for employees who first …
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Annuity after withdrawal while disabled for employees who first became participants on or after January 1, 2011.
(a) This Section applies to employees who first became participants on or after January 1, 2011.
(b) An employee whose disability continues after the employee has received ordinary disability benefits for the maximum period of time prescribed by this Article and who withdraws before becoming eligible for a retirement annuity under subsection (c), (c-5), (d), or (d-5) of Section 1-160 while still so disabled is entitled to receive an annuity in such amount as can be provided from the total sum accumulated to the employee’s credit from employee contributions and employer contributions, to be computed as of the employee’s age on the date of withdrawal. The minimum annuity under Section 11-134 shall not apply, and any annuity under this subsection (b) shall not be subject to any automatic annual increases.
(c) The annuity to which the employee’s spouse shall be entitled upon the employee’s death shall be fixed on the date of the employee’s withdrawal. It shall be provided on a reversionary annuity basis from the total sum accumulated to the employee’s credit for widow’s annuity on the date of such withdrawal. The minimum annuity under Section 11-145.1 shall not apply and any widow’s annuity under this subsection (c) shall not be subject to any automatic annual increases.
(d) Upon the death of any such employee while on annuity, if the employee’s service was at least 4 years after the date of the employee’s original entry, and at least 2 years after the date of the employee’s latest re-entry, the employee’s unmarried children under age 18 shall be entitled to an annuity as specified in this Article for children of an employee who retires after age 55, subject to prescribed limitations on total payments to a family of an employee.
(a) This Section applies to employees who first became participants on or after January 1, 2011.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/11-159.1
- 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) An employee whose disability continues after the employee has received ordinary disability benefits for the maximum period of time prescribed by this Article and who withdraws before becoming eligible for a retirement annuity under subsection (c), (c-5), (d), or (d-5) of Section 1-160 while still so disabled is entitled to receive an annuity in such amount as can be provided from the total sum accumulated to the employee’s credit from employee contributions and employer contributions, to be computed as of the employee’s age on the date of withdrawal. The minimum annuity under Section 11-134 shall not apply, and any annuity under this subsection (b) shall not be subject to any automatic annual increases.
(c) The annuity to which the employee’s spouse shall be entitled upon the employee’s death shall be fixed on the date of the employee’s withdrawal. It shall be provided on a reversionary annuity basis from the total sum accumulated to the employee’s credit for widow’s annuity on the date of such withdrawal. The minimum annuity under Section 11-145.1 shall not apply and any widow’s annuity under this subsection (c) shall not be subject to any automatic annual increases.
(d) Upon the death of any such employee while on annuity, if the employee’s service was at least 4 years after the date of the employee’s original entry, and at least 2 years after the date of the employee’s latest re-entry, the employee’s unmarried children under age 18 shall be entitled to an annuity as specified in this Article for children of an employee who retires after age 55, subject to prescribed limitations on total payments to a family of an employee.