Modified Cash Refund Annuity

Definition of "Modified cash refund annuity"

James  Ruffolo
James Ruffolo Charles Rutenberg Realty

Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement benefits, this type of annuity guarantees to repay the remainder of those contributions, with interest, to the beneficiaries.

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