Illinois Compiled Statutes 40 ILCS 5/12-131 – Retirement at age 60 or over
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An employee, upon withdrawal upon or after age 60 with 4 or more years of service, shall be entitled to a retirement annuity. Such annuity for an employee who entered service prior to July 1, 1971 shall be that provided, as of his age on the date of retirement, from the total of the accumulations described below:
(a) the accumulation from employee contributions for service annuity on the date of withdrawal, improved by regular interest to the date when he enters upon retirement annuity;
(b) the accumulation from the contributions by the employer for service annuity, on the date of the employee’s withdrawal, improved by regular interest to the date when he enters upon retirement annuity.
(a) the accumulation from employee contributions for service annuity on the date of withdrawal, improved by regular interest to the date when he enters upon retirement annuity;
Terms Used In Illinois Compiled Statutes 40 ILCS 5/12-131
- 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.
(b) the accumulation from the contributions by the employer for service annuity, on the date of the employee’s withdrawal, improved by regular interest to the date when he enters upon retirement annuity.