Illinois Compiled Statutes 40 ILCS 5/16-184 – Supplementary Annuity Reserve
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/16-184
- 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.
On July 1, 2003, the Supplemental Annuity Reserve is abolished and any remaining balance shall be transferred from that Reserve to the Benefit Trust Reserve.