Illinois Compiled Statutes 40 ILCS 5/11-175 – Widow’s annuity interest credits-All employees
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 40 ILCS 5/11-175
- 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.
- Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
Amounts allocated to the account of and credited for widow’s and widow’s prior service annuity shall be improved by interest at the effective rate from the end of the month in which such contributions were due during the time thereafter an employee is in service until he attains age 65.