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Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-103

  • 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.
     “The 1919 Act”: “An Act to provide for the creation, setting apart, formation, administration and disbursement of a park employees’ and retirement board employees’ annuity and benefit fund”, approved June 21, 1919, as amended.