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.
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References in periodicals archive ?
(2)First quarter 2019 after-tax special items include a $345 million noncash settlement charge related to the transfer of pension assets and liabilities through the purchase of a group annuity contract, a $15 million legal charge and a $9 million charge related to the early extinguishment of debt.
According to Walsh, TIAA has offered group annuity contracts since the early 2000s, but the regulations accelerated the number of clients using them.
The company has purchased group annuity contracts for all remaining plan participants.
defined benefit plan, by purchasing group annuity contracts for all remaining plan participants.
The firm made the move by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc (NYSE: PRU).
In 2019, the Insurance Compact will undertake the development of new Uniform Standards for group annuity products, and updating its procedures to possibly expand use of Compact-approved products for non-employer groups.
Management of the company has determined the prior release of group annuity reserves resulted from a material weakness in internal control over financial reporting.
The only pretax operating loss reported by either individual or group annuity business lines since 2006 was in 2008.
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.
Additionally, it is not uncommon for large 403(b) plans to offer group annuity contracts issued by several insurance companies, or custodial accounts with multiple custodians.