Defined terms for the annuity market and lifetime income landscape.
A catch-up contribution is an additional elective deferral that a participant aged 50 or older can make to a defined contribution plan above the general annual contribution limit, with a further elevated limit for participants in a specified older age range under changes enacted by SECURE 2.0.
A CD annuity is a marketing label commonly applied to a multi-year guaranteed annuity (MYGA) contract positioned as an alternative to a bank certificate of deposit, characterized by a contractually fixed crediting rate for a specified term, surrender charges, and insurance-product structure.
