A pension plan providing annuities at retirement to a group of people under a master contract. It is usually issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their annuities.
A contract between AUL and your employer, a plan trustee or a custodian that defines how invested funds are to be treated.
A retirement plan funding arrangement that provides periodic income payments at retirement to a group of people under a single group contract. See also group deferred annuity, deposit administration contract, and immediate participation guarantee (IPG) contract.
A form of pension plan provided on a group basis, usually for employees within a business organization, under which annuities are provided upon retirement.
A type of retirement plan designed by insurance companies for a group of persons (usually employees of a single employer), covering all qualifying persons under one contract. Employer contributions (or employer and employee contributions, as the case may be) are determined by the insurance company's actuaries in accordance with the benefits to be offered. Contributions are turned over to the insurance company as specific premiums. The insurance company then guarantees payment of the benefits as they accrue to members of the group who meet the eligibility requirements.
A contract providing annuities at retirement to a group of people in a pension plan. Usually, it is issued to an employer for the benefit of employees. The individual members of the group hold certificates as evidence of their annuities.
A contract that provides retirement annuities to a recognized group, such as employees of an organization.