Terms Used In CFR > Title 5 > Chapter I > Subchapter B > Part 831 > Subpart Q > Computation of Phased Retirement Annuity at Phased Retirement and Composite Retirement Annuity at Full Retirement

• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.