Program Operations Manual System (POMS)
TN 1 (07-04)
RM 03270.011 Terms Used on ERISA Notice Form SSA- L99-C1 — Glossary
TERM
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DEFINITION
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“Annuity Payable Over a Fixed Number of Years”
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A pension payable for not less than a specified period. If the participant dies within
the period, payment for the balance of the period is paid to survivor.
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“Cash Refund Life Annuity”
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A pension payable for life that guarantees payment of a fixed sum. If the participant
dies before receiving pension payments equal to that sum, the balance is paid to survivor.
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“Joint and Last Survivor Life Annuity”
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A pension payable for life and, upon the participant's death, payable to survivor
(in either the same or a reduced amount).
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“Life Annuity”
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A pension payable for the life of the participant.
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“Life Annuity With Period Certain”
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A pension payable for life but not less than a specified period. If the participant
dies within the period, payment for the balance of the period is paid to survivor.
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“Modified Cash Refund Life Annuity”
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A pension payable for life with a guarantee that pension payments will equal the participant's
contributions. If the participant dies before receiving payments equal to contributions
made, the difference is paid to survivor.
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“Single Sum Annuity”
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A lump sum amount payable in lieu of a pension paid in periodic installments.
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“Other”
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All other types of annuities not specified.
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