Illinois Compiled Statutes 40 ILCS 5/8-106 – Board of Election Commissioners Employees’ Annuity Act
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-106
- 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.
“Board of Election Commissioners Employees’ Annuity Act”: “An Act to provide for the creation, setting apart, maintenance and administration of a Board of Election Commissioners Employees’ Annuity and Benefit Fund in cities having a population of more than two hundred thousand (200,000) inhabitants in which any Board of Election Commissioners is functioning in accordance with law”, approved July 8, 1935, as amended.