Terms Used In North Carolina General Statutes > Chapter 143 > Article 12G - Transfers of Assets of Law-Enforcement Officers' Retirement System to Other Retirement Systems

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.