Terms Used In Indiana Code 5-10.3-5-1

• 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.
• Fund: as used in this article means the public employees' retirement fund. See Indiana Code 5-10.3-1-3