Illinois Compiled Statutes 40 ILCS 5/9-132 – Minimum annuity
Current as of: 2024 | Check for updates
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A present employee who was a contributor to a county pension fund in operation on the effective date who withdraws on or after such date having 20 or more years of service and for whom the amount of annuity provided by this Article is less than the amount stated in this section has a right to receive annuity as follows:
(a) $600 a year after the date of withdrawal if he is
(a) $600 a year after the date of withdrawal if he is
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age 55 or more at such time;
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(b) $600 a year after the date he becomes age 55 if
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he is less than such age when he withdraws.
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In addition to the combined age and service and prior service annuities to which a present employee is entitled, an employee with 24 or more years of service who has attained age 65 or more at the time he withdraws is entitled to receive a sum equal to the difference between the combined age and service annuity and prior service annuity, and 1/3 of his salary at the date of his withdrawal.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/9-132
- 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.