Illinois Compiled Statutes 40 ILCS 5/8-101 – Creation of fund
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-101
- 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.
In each city of more than 500,000 inhabitants a Municipal Employees’, Officers’, and Officials’ Annuity and Benefit Fund shall be created, set apart, maintained and administered, in the manner prescribed in this Article, for the benefit of the employees, officers and officials herein designated, and their beneficiaries.