(40 ILCS 5/9-119) (from Ch. 108 1/2, par. 9-119)
Sec. 9-119.
Annuity.
"Annuity": Equal monthly payments for life, unless otherwise specified.
The first payment shall be due and payable 1 month after the occurrence of
the event upon which payment of the annuity depends, and the last payment
shall be payable as of the date of the annuitant's death and be prorated
from the date of the last preceding payment to the date of death; 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. 78-656.)
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