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Deferred Group Annuity

Definition of "Deferred group annuity"

Sharon Wright
  Berkshire Hathaway HomeServices

Retirement income payments for an employee that begin after a stipulated future time period, and continue for life. (A beneficiary of a deceased annuitant may receive further income, depending on whether the contract is a pure annuity or refund annuity). Each year, contributions are used to buy a paid-up single premium deferred annuity. These increments, added together, provide income payments at retirement.

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