A contract between a buyer and an insurance company providing periodic payments to the buyer for life and, after their death, to a designated beneficiary for the balance of the beneficiary’s life. A-H R-Z“k” feature A feature of 401 profit sharing plans that allows employees to defer income on a pre-tax basis. This “k” feature can be referred to by any of the following terms: cash or deferred arrangement (CODA), elective deferral, voluntary pre-tax contribution, salary reduction contribution, or 401(k) deferral. In the public sector, newly adopted plans cannot contain a “k” feature, but employers with a “k” feature plan in effect on May 6, 1986 may continue offering it to employees. A-H R-Z latest beginning payment date For 401 and 457 plan participants, benefit payments must begin by April 1 of the calendar year following the year in which age 70-1/2 is reached or the year of retirement, whichever is later. See “IRS minimum required distribution.