Level Premium Group Annuity

Definition of "Level premium group annuity"

Melody Smedick, Broker/Owner
Melody Smedick, Broker/Owner Preferred Real Estate Group

Type of premium plan under which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement benefits of the employee, through a group deferred annuity, plus a group life insurance policy on the employee, usually held in the trust.

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