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Group Annuities

Defined Benefit Group Annuity Contract Types of Annuities
A defined benefit group annuity is a type of contract issued by an insurance company to a tax-qualified retirement plan, which guarantees an income to the annuitants covered under the contract for life or a set period of time, depending on the type of annuity.

Depending on your contract, different types of annuities may be available to you.

Below are some examples of annuity types.

Straight Life Annuity
Benefits are payable for the primary annuitant's lifetime only. Upon the annuitant's death, no benefits will be paid to a spouse or beneficiaries.

Term Certain and Life Annuity
Benefits are paid to the primary annuitant during his/her lifetime and are guaranteed for a specific period. If the annuitant dies before the end of the guaranteed period of payments, the remaining guaranteed payments will be paid to the annuitant's beneficiary. If your beneficiary dies before the minimum number of payments have been made, the commuted value of the remaining payments will be paid to the beneficiary's estate. If the annuitant dies after the guarantee period has ended and received all guaranteed payments, no payments will be made to a beneficiary.

Modified Cash Refund Life Annuity
Payments will be made to the annuitant for the annuitant's lifetime. The annuitant is guaranteed to receive the total of his/her contributions and interest back in the form of annuity payments. If the annuitant dies before receiving the full amount, his/her beneficiary will receive the amount of any contributions and interest remaining.

Joint and Survivor Annuity
Benefits are payable as long as one of the primary and joint annuitant is alive. When the primary annuitant dies, the joint annuitant, if living, will receive a percentage of the original payment amount for his/her lifetime. If an annuitant elects this type of benefit, the person named as joint annuitant cannot be changed after the benefit begins.

Distribution Option:
In addition to an annuity, your company may provide the option to receive your benefit in a lump sum distribution.

Lump Sum Distribution Option
Under this option, an annuitant receives a one-time payment instead of periodic payments. No other benefits will be payable to you. The benefit amount can consist of both before-tax employer and after-tax employee contributions.

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