Illinois Compiled Statutes 40 ILCS 5/8-104 – The 1921 Act
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 40 ILCS 5/8-104
- 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.
“The 1921 Act”: “An Act to provide for the creation, setting apart, maintenance and administration of a municipal employees’, officers’, and officials’ annuity and benefit fund in cities having a population exceeding two hundred thousand inhabitants”, approved June 29, 1921, as amended.