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(40 ILCS 5/11-124) (from Ch. 108 1/2, par. 11-124)
Sec. 11-124.
Annuity.
"Annuity": Equal monthly payments for life, unless terminated earlier under
Section 11-148, 11-152, 11-153, or 11-230.
For annuities taking effect before January 1, 1998, the first payment shall
be due and payable one month after the occurrence of the event upon which
payment of the annuity depends. Until August 1, 1999, payment
shall be made for any part of a monthly period in which death of the annuitant
occurs. Beginning August 1, 1999, all payments shall be made on the first
day of the calendar month and shall be for the entire calendar month, without
proration. The last payment shall be made on the first day of the calendar
month in which the annuity payment period ends. A pro rata amount shall be
paid for that part of the month from the July 1999 annuity payment date
through July 31, 1999.
For annuities taking effect on or after January 1, 1998,
payments shall be made as of the first day of the calendar month, with 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 annuity payment
period ends. For annuities taking effect on or after January 1, 1998, all
payments shall be for the entire calendar month, without proration.
For the purposes of this Section, the "annuity payment period" means the
period beginning on the day after the occurrence of the event upon which
payment of the annuity depends, and ending on the day upon which the death of
the annuitant or other event terminating the annuity occurs.
(Source: P.A. 90-31, eff. 6-27-97; 91-887, eff. 7-6-00.)
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