TN 1 (07-04)

RM 03270.011 Terms Used on ERISA Notice Form SSA- L99-C1 — Glossary

TERM

DEFINITION

“Annuity Payable Over a Fixed Number of Years”

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.

“Cash Refund Life Annuity”

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.

“Joint and Last Survivor Life Annuity”

A pension payable for life and, upon the participant's death, payable to survivor (in either the same or a reduced amount).

“Life Annuity”

A pension payable for the life of the participant.

“Life Annuity With Period Certain”

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.

“Modified Cash Refund Life Annuity”

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.

“Single Sum Annuity”

A lump sum amount payable in lieu of a pension paid in periodic installments.

“Other”

All other types of annuities not specified.


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0103270011
RM 03270.011 - Terms Used on ERISA Notice Form SSA- L99-C1 -- Glossary - 07/01/2004
Batch run: 01/27/2009
Rev:07/01/2004