Illinois Compiled Statutes 40 ILCS 5/11-126 – Prior service annuity-When due
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A “Prior Service Annuity” shall be credited to present employees in accordance with “The 1935 Act” for service rendered prior to the effective date.
Each such credit shall be improved by interest at the effective rate during the time the employee is in service until his annuity is fixed. In determining such credit, the employee’s annual salary for his entire period of prior service shall be the salary in effect on the effective date.
Each such credit shall be improved by interest at the effective rate during the time the employee is in service until his annuity is fixed. In determining such credit, the employee’s annual salary for his entire period of prior service shall be the salary in effect on the effective date.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/11-126
- 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.