Dictionary of Business Terms: deferred group annuity
deferred group annuity
retirement income payments for an employee that begin after a stipulated future time period, and continue for life. Each year, contributions are used to buy a paid-up single-premium deferred annuity. These increments, added together, provide income payments at retirement.
Dictionary of Insurance Terms: deferred group annuity
deferred group annuity
retirement income payments for an employee that begin after a stipulated future time period, and continue for life. (A beneficiary of a deceased annuitant may receive further income, depending on whether the contract is a pure annuity or refund annuity). Each year, contributions are used to buy a paid-up single premium deferred annuity. These increments, added together, provide income payments at retirement.
