Illinois Statutes
§ 15-118 — Annuity
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 15 - State Universities Retirement System
"Annuity": A series of monthly payments, payable as of the first day of each calendar month during the annuity payment period, the first payment to be made as of the first day of the calendar month coincidental with or next following the first day of the annuity payment period and the last payment to be made as of the first day of the calendar month in which the annuitant dies or the annuity payment period ends. An annuitant may authorize the board to deduct from the annuity, premiums due under any group hospital-medical insurance program which is sponsored or approved by any employer.
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Legislative History
(Source: P.A. 83-1440.)
Nearby Sections
15
§ 15-101
Creation of system§ 15-102
Terms defined§ 15-103
System§ 15-103.1
Traditional Benefit Package§ 15-103.2
Portable Benefit Package§ 15-103.3
Self-Managed Plan§ 15-104
The 1941 Act§ 15-105
Board§ 15-106
Employer§ 15-107
Employee§ 15-108
Participant§ 15-108.1
Tier 1 member§ 15-108.2
Tier 2 member§ 15-109
Participating employee§ 15-110
Basic compensation