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Single life annuity
A form of retirement benefit that provides monthly payments to the
employee for life, with no benefits payable after the employee dies.
For some plans, this is the automatic form of benefit for single
employees, and is available to married employees with the spouse's
signed, notarized consent. [At MMBB, a single life annuity is provided
with a 10-year certain guarantee unless the participant elects otherwise.]
Joint and survivor
An annuity payment method under some retirement plans. It provides
the employee with monthly payments for life, reduced from the amount
that would be payable as a single life annuity based on the ages of
both the employee and the joint annuitant when payments begin. If the
employee dies before the spouse, the spouse will receive all or a
percentage of the reduced payments for life. With some plans, a joint
and survivor annuity can be paid over the lifetimes of the member and a
non-spouse.
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