Modified Cash Refund Annuity
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.
Popular Insurance Terms
Periodic payments to an annuitant. ...
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Type of pension plan in which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement ...
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