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Illinois Compiled Statutes

40 ILCS 5/7-119 (2026)

Annuity

✓ current as of May 2026
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(40 ILCS 5/7-119) (from Ch. 108 1/2, par. 7-119)
    Sec. 7-119. Annuity.
    "Annuity": A series of equal monthly payments, payable as of the first day of each calendar month during the life of an annuitant, the first payment to be made as of the first day of the calendar month coincidental with or next following the date upon which the annuity begins, and the last payment to be made as of the first day of the calendar month in which the annuitant dies or the annuity is terminated.
(Source: Laws 1963, p. 161.)

    
Notes of Decisions
Cited in 2 cases, 2017–2017 · leading case: Pisani v. City of Springfield, 2017 IL App (4th) 160417 (Ill. App. Ct. 2017).
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Pisani v. City of Springfield, 2017 IL App (4th) 160417 (Ill. App. Ct. 2017). · cites it 2× “¶8 Annuities are payable “during the life of the annuitant” (40 ILCS 5/7-119 (West 2014)), and the amount of the annuity depends on what the employee’s earnings were, among other factors.”
Pisani v. City of Springfield, 2017 IL App (4th) 160417 (Ill. App. Ct. 2017). · cites it 2× “-2- ¶8 Annuities are payable “during the life of the annuitant” (40 ILCS 5/7-119 (West 2014)), and the amount of the annuity depends on what the employee’s earnings were, among other factors.”
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