Maryland Code, STATE PERSONNEL AND PENSIONS 35-401
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Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 35-401
- 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.
There is a tax sheltered annuity plan for eligible participants as allowed by § 403(b) of the Internal Revenue Code.