Examples of Annuity reserve in a sentence
As of the Petition Date, approximately $1,452,748.00 was held in the Annuity reserve.
Annuity reserve" means the present value, computed upon the basis of the mortality and other tables adopted by the board, of all payments to be made on account of any annuity, or benefit in lieu of any annuity, granted to a retirant as provided in this chapter.
Annuity reserve surplus distributions may be revoked by the Board in part or in total as to future payments, upon recommendation of the actuary if a deficit occurs in the core annuity reserves and such deficit would result in a 0.5 percent or greater decrease in the amount of annuities in force (except as otherwise provided by the Department by rule).
The three other sub-funds are: (1) the Annuity reserve fund, which is comprised of the amounts accumulated in the Annuity savings fund and Pension accumulation fund when a FRS member retires; (2) the Expense fund, which is funded by the Pension accumulation fund and/or interest on investments; and (3) the Deferred Retirement Option Plan account, in which is accumulated all payments made pursuant to the FRS deferred retirement option plan.
Partially offsetting these increases was a decrease of $144 million in Individual Annuity reserve additions due to lower structured settlement sales.