Defined terms for the annuity market and lifetime income landscape.
Form 5500 is the annual return-report that an ERISA-covered retirement plan files jointly with the Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation, disclosing plan operations, financial condition, investments, and compliance for the plan year.
Framing effects are the pattern in which the choices individuals make depend on how the options are described or presented, so that the same underlying decision produces different selections when the framing changes.
A fraternal benefit society is a member-owned nonprofit insurance organization regulated under specific US state and federal provisions, organized along fraternal, religious, ethnic, or occupational lines, providing life insurance, annuities, and other benefits from pooled contributions.
The free look period is a defined window of time, typically beginning at delivery of a deferred annuity contract, during which the contract owner can return the contract for a full refund of premium without incurring any surrender charge, market value adjustment, or other cost.
