Illinois Compiled Statutes 40 ILCS 5/8-105 – Court and Law Department Employees’ Annuity Act
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-105
- 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.
“Court and Law Department Employees’ Annuity Act”: “An Act to provide for the creation, setting apart, maintenance and administration of a Municipal Court and Law Department Employees’ Annuity and Benefit Fund in cities having a population of more than two hundred thousand (200,000) inhabitants in which any Municipal Court has been or shall be established and maintained in accordance with law”, approved July 8, 1935, as amended.