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
Organization of home office underwriters of life insurance companies. HOLUA offers educational material and national examinations for home office life underwriters, the individuals who ...
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Federal legislation giving an insurance applicant the right to contact a reporting organization doing a credit check and be advised of information contained in the applicant's file showing ...
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Premium that remains unchanged over time, regardless of any change in the nature of the risk. ...
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