Pension Plan Funding: Group Deposit Administration Annuity
Pension plan funding instrument in which contributions paid by an employer are deposited to accumulate at interest. (These plans are usually noncontributory.) Upon retirement, an immediate annuity is purchased for the employee. The benefit is determined by a formula, and the investment earnings on funds left to accumulate at interest. Since the annuity is purchased at point of retirement, the deposit administration plan can be used with any benefit formula.
Popular Insurance Terms
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Sum total of all assets owned by the decedent to include personal property, real property, and trust property. ...
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Care in a sanitarium, nursing home, or other facility designed to provide custodial care on behalf of the mental and physical well-being of the patient. The cost may or may not be provided ...
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