Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/15-118

(40 ILCS 5/15-118) (from Ch. 108 1/2, par. 15-118)

Sec. 15-118.

Annuity.

"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.

(Source: P.A. 83-1440.)