Reduction Factor

In joint and last survivor annuities, this is the amount by which income will reduce on the death of the first person attached to the annuity. For example, some annuities reduce to 60% on the first death. See also “Primary Annuitant”, “Secondary Annuitant”, “Joint and Last Survivor Annuity”, and “Guarantee Period”.

×
×
April 24th, 2024