Illinois Compiled Statutes 40 ILCS 5/5-107 – Effective date
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-107
- 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.
“Effective date”: January 1, 1922, for any city covered by the “Policemen’s Annuity and Benefit Fund Act of the Illinois Municipal Code” on the date that this Article comes in effect; and January 1 of the year following the date that any other city first comes under the provisions of this Article.