Illinois Compiled Statutes 40 ILCS 5/6-124 – Future entrants; amount of annuity
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When a future entrant attains age 63 in service, except for a fireman who is not subject to the compulsory retirement age, his age and service annuity shall be fixed as of age 63. The annuity shall be that provided from the entire sum accumulated to his credit for age and service annuity on the date he attains age 63.
When a future entrant who is not subject to the compulsory retirement age withdraws from service and is at least age 63, his or her age and service annuity shall be fixed as of the age he or she withdraws from service. The annuity shall be that provided from the entire sum accumulated to his or her credit for age and service annuity on the date he or she withdraws from service.
When a future entrant who is not subject to the compulsory retirement age withdraws from service and is at least age 63, his or her age and service annuity shall be fixed as of the age he or she withdraws from service. The annuity shall be that provided from the entire sum accumulated to his or her credit for age and service annuity on the date he or she withdraws from service.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/6-124
- 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.