Sec. 226.1. Entitled annuity payment options.
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/il/chapter-215/act-5/226-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 226.1. Entitled annuity payment options. Annuity contracts and funding agreements may be issued without a life contingency annuity payment option in the following circumstances:
(1)to fund benefits under an employee benefit plan as defined in the Employee Retirement Income Security Act of 1974, as now or hereafter amended;
(2)to fund the activities of an organization exempt from taxation under Internal Revenue Code Section 501(c), as now or hereafter amended;
(3)to fund a program of a governmental entity or of an agency or instrumentality thereof;
(4)to fund an agreement providing for periodic payments entered into in satisfaction of a claim; or
(5)to fund a program of an institution having assets in excess of $25,000,000.