22 CFR 19.10-1 – Full annuity
Current as of: 2024 | Check for updates
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If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated beneficiary, the participant receives a “full” annuity. A full annuity means an annuity computed without any survivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service.
Terms Used In 22 CFR 19.10-1
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
| Average basic annual salary for high 3 consecutive years of service | $20,000 |
| Multiplied by 2 pct | .02 |
| $400.00 | |
| Multiplied by 35 years of creditable service | .35 |
| Full annuity | $14,000 |