Illinois Compiled Statutes 40 ILCS 5/6-134 – Widow’s annuity – all employees – withdrawal before age 63 and after …
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Widow’s annuity – all employees – withdrawal before age 63 and after age 50. The widow’s annuity and widow’s prior service annuity for the wife of an employee who (1) attained age 50 or more but less than age 63 while in service and (2) served 10 or more years and (3) withdraws from service, shall be fixed as of her age at the time of his withdrawal. The annuity, payable from and after the date of his death, shall be such amount as can be provided on a reversionary annuity basis from the following sums accumulated to his credit on the date the annuity was fixed:
(1) If service is 20 or more years, the entire sum accumulated to his credit for widow’s annuity and, for a present employee, widow’s prior service annuity; or
(2) If service is 10 or more but less than 20 years, the sum accumulated to his credit for widow’s annuity from salary deductions, plus 1/10 of the sum accumulated to his credit for widow’s annuity, and, if a present employee, widow’s prior service annuity, from contributions by the city for each completed year of service after the first 10 years.
(1) If service is 20 or more years, the entire sum accumulated to his credit for widow’s annuity and, for a present employee, widow’s prior service annuity; or
Terms Used In Illinois Compiled Statutes 40 ILCS 5/6-134
- 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.
(2) If service is 10 or more but less than 20 years, the sum accumulated to his credit for widow’s annuity from salary deductions, plus 1/10 of the sum accumulated to his credit for widow’s annuity, and, if a present employee, widow’s prior service annuity, from contributions by the city for each completed year of service after the first 10 years.