Kansas Statutes 40-4,108. Same; maturity date
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Terms Used In Kansas Statutes 40-4,108
- 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.
- Contract: A legal written agreement that becomes binding when signed.
For the purpose of determining the benefits calculated under Kan. Stat. Ann. § 40-4,106 and 40-4,107, and amendments thereto, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the annuity contract, but shall not be deemed to be later than the anniversary of such annuity contract next following the annuitant’s 70th birthday or the 10th anniversary of such annuity contract, whichever is later.