Illinois Compiled Statutes 40 ILCS 5/9-134.1 – Preservation of minimum annuity rights for certain house of correction employees and their widows
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Terms Used In Illinois Compiled Statutes 40 ILCS 5/9-134.1
- 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.
In the case of employees who were contributors to and participants as of December 31, 1968, in a House of Correction Employees’ Pension Fund, who, by virtue of group transfer on January 1, 1969 became participants in Municipal Employees’ Annuity and Benefit Fund under Article 8 of this Code, and who, because of further group or class transfer become participants in the Fund created under Article 9 of this Code, Section 8-136.2 of this Code preserving certain minimum annuity rights for certain house of correction employees and their widows is made applicable to such employees so transferred to this Fund, and such Section is made part of this Article 9 so that such transferred employees are guaranteed such rights under the Fund created by this Article 9 of the Illinois Pension Code as outlined in Section 8-136.2 of this Code.