Group Annuity

Group Annuity

An annuity purchased by a number of people who negotiate collectively. A group annuity operates like other annuities, except that contributions are paid by (and payments are made to) more than one person under a single plan. See also: Group insurance.
References in periodicals archive ?
As a result of this process, management, in consultation with the Audit Committee of MetLife,s Board of Directors, has identified a material weakness in the company's internal control over financial reporting related to certain RIS group annuity reserves.
Management of the company has determined the prior release of group annuity reserves resulted from a material weakness in internal control over financial reporting.
A retirement services company, Athene through its subsidiaries issues, reinsures and acquires retirement savings products such as retail fixed and fixed indexed annuity products; reinsurance arrangements with third-party annuity providers; and institutional products like funding agreements and group annuity contracts related to pension risk transfers.
A "pension risk transfer" is really the purchase of a group annuity designed for an employer that wants to shut down a pension plan.
For instance, Reish said that Question 30 says that a group annuity contract can be considered a "platform or similar mechanism," as opposed to an investment, notwithstanding the annuity component of the group annuity contract.
Group Annuity Risk Transfer Survey from LIMRA Secure Retirement Institute (SRI) shows group pension buyout sales reached $1.
Under the agreement, PPGs pension plans will purchase group annuity contracts from MassMutual and MetLife for approximately 13,400 current U.
Kimberly-Clark (NYSE: KMB) said it has signed purchase agreements for group annuity contracts that transfer payment responsibility of retirement pension benefits to The Prudential Insurance Company of America (NYSE: PRU) and Massachusetts Mutual Life Insurance Company.
Corporate pension funds commission life insurers to manage their funds through group annuity contracts.
The automaker is also purchasing a group annuity contract from Prudential to manage payments to the remainder of its salaried retirees.
GM says it will reduce its pension liabilities by $26 billion by offering lump-sum buyouts to some salaried retirees and providing others with monthly payments via a group annuity from Prudential.
The Choice 401(k) program uses a group annuity platform and offers more than 75 different sub-account choices from a variety of investment managers.