Illinois Compiled Statutes 40 ILCS 5/14-126.5 – Retirement annuity option for termination of ordinary disability benefit
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/14-126.5
- 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.
A member who is subject to the provisions of Section 1-160 whose disability continues but whose disability benefit is either terminated due to attaining age 65 or terminated after 5 years because the ordinary disability benefit commenced after age 60 shall immediately qualify to begin receiving a retirement annuity without the reduction provided under subsection (d) of Section 1-160 if the member has earned at least 10 years of creditable service.