Illinois Compiled Statutes 40 ILCS 5/5-122 – Prior service annuity
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“Prior Service Annuity” shall be credited for present employees for service rendered prior to the effective date in accordance with the provisions of “Policemen’s Annuity and Benefit Fund Act of the Illinois Municipal Code” and this Article. Each such credit shall be improved by interest during the time thereafter the employee is in service until his annuity is fixed.
In determining such annuity, the annual salary for the entire period of the employee’s service prior to the effective date shall be the salary in effect on the effective date.
In determining such annuity, the annual salary for the entire period of the employee’s service prior to the effective date shall be the salary in effect on the effective date.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-122
- 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.