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Responding to consumer concerns, insurance companies typically offer many options to a basic straight-life annuity. Married couples, for example, may prefer an annuity that will pay as long as either spouse is alive.
What is the monthly dollar amount payable if no survivor income is elected (i.e., a straight-life annuity is paid to the retiree)?
The following shows the maximum monthly guarantees for plans terminating in the years 2006-2010 (i.e., a straight-life annuity).
Benefits payable other than as an annual straight-life annuity must be actuarially adjusted to an equivalent straight-life annuity, under Sec.
The interest rate used to adjust benefits payable in a form other than an annual straight-life annuity and the limit for benefits payable before a participant's SSRA generally cannot be less than the greater of 5% or the rate specified in the plan.
The pension benefits discussed thus far were computed as if the retiree were to receive a straight-life annuity, that is, a periodic payment that ceases when the retiree dies.
The average replacement rate provided to the retiree choosing a joint-and-survivor annuity was about 90 percent of that available from a straight-life annuity, assuming the retiree and spouse were the same age.
19 The calculations are designed to provide to retiree and survivor a future stream of benefits that has a present value equivalent to the unreduced stream of payments from a straight-life annuity.