Illinois Compiled Statutes 40 ILCS 5/12-123 – Age
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-123
- 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.
“Age”: Age at the latest birthday. In the computation of any retirement annuity, the actuarial factor shall be prorated for the number of days between the employee’s last birthday and his age on the effective date of the annuity.