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annuity
(redirected from annuitizing)

    Also found in: Dictionary/thesaurus, Legal, Financial 0.01 sec.
annuity: see insurance insurance or assurance, device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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annuity

Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Under an annuity certain, a specified number of payments are made, after which the annuity stops. With a contingent annuity, each payment depends on the continuance of a given status; for example, a life annuity continues only as long as the recipient survives. Contingent annuities such as pension plans or life insurance depend on shared risk. Everyone pays in a fixed amount until the annuity begins; some will not live long enough to receive back all the money they have paid, while others will live long enough to collect more than they have paid.
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Additionally, while annuitizing benefits at retirement can mitigate longevity risk, doing so also limits retirees' access to their assets.
Private Pensions: Alternative Approaches Could Address Retirement ... by General Accounting Office Reports & Testimony
Phil Eckman, president of Transamerica Retirement Management, a new unit of Aegon USA, said riders added to variable annuities, such as the guaranteed lifetime withdrawal benefit and guaranteed minimum withdrawal benefit, are innovations the industry developed over the past few years to address the problem of people not annuitizing their contracts.
The big question: will new retirees actually 'annuitize' their ... by Lysiak, Fran Matso / Best's Review
For instance, if a company annuitized one-third of a plan's liabilities (by annuitizing its retirees), then one-third of the deferred gain is immediately recognized as income under FAS 88.
Look to Annuities to Salve Pension Fears by Toale, Thomas / Financial Executive
 
 
 
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