(40 ILCS 5/12-128) (from Ch. 108 1/2, par. 12-128)
Sec. 12-128.
Annuities provided.
A service annuity shall be provided for
future entrants and present employees.
A prior service annuity shall be provided for present employees. A
widow's prior service annuity shall be provided for widows of present
employees. A widow's service annuity shall be provided for widows of future
entrants and present employees.
A retirement annuity shall consist of a service annuity and a prior
service annuity where applicable, and a widow's annuity shall consist of a
widow's service annuity and a widow's prior service annuity, where
applicable.
If the total annuities to an employee from accumulation for prior
service annuity and service annuity, or to a widow for widow's service
annuity and widow's prior service annuity, as an actuarial equivalent of
such accumulations, effective on or after July 1, 1983 are
less than $100 per month, a temporary annuity of $100
per month shall be payable to the employee or widow, except in the case
of a reciprocal pension.
Except as to a temporary annuity, the annuity payable to an employee or
widow shall consist of equal monthly payments for life or widowhood,
provided that upon termination thereof due to death or other cause, payment
shall be made for the period from the date of the last payment to the date
of termination. The first payment of any annuity shall be due and payable 1
month after the occurrence of the event upon which payment thereof depends;
provided, that as to annuities effective July 1, 1973, and thereafter
payments shall be made 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.
(Source: P.A. 86-272.)
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