The payment form library allows you to define the payment forms to be associated with the Plan's Benefit Definitions.

Name is a text field in which you enter a description of the payment form. This may be any descriptive phrase, including spaces.

Type is a multi-choice field for selecting the type of payment.  ProAdmin supports the following payment form types:

Life annuity: payments for the member’s lifetime. All payments cease at the member’s death.

Joint life annuity: payments for the member’s lifetime with a continuation benefit for the beneficiary’s lifetime at the member’s death.

Pop-up annuity: payments for the member’s lifetime with a continuation benefit for the beneficiary’s lifetime at the member’s death. However, if the beneficiary predeceases the member, the payments will revert back to the single normal form of payment.

Certain only annuity: payments for a certain period of time.  Note that if you have a deferred certain-only annuity, no mortality is applied during the deferral period because the benefit is certain to be paid.

Certain & life annuity: payments for the member’s lifetime. Payments cease at the later of the member’s death or the end of guaranteed period.

Certain & joint life annuity: payments for the member’s lifetime with a continuation benefit for the beneficiary’s lifetime at the member’s death. Payments cease at the later of the member’s death, the end of guaranteed period, or the beneficiary’s death.  The benefit applicable when both the member and the beneficiary are alive is payable during the certain period, with the payment amount upon completion of the certain period depending on whether the member and/or beneficiary are still alive.

Certain & pop-up annuity: payments for the member’s lifetime with a continuation benefit for the beneficiary’s lifetime at the member’s death. There are three (3) benefit amounts associated with this payment form. The largest benefit is the same benefit that would be payable under a Certain & Life annuity. This benefit is payable for the duration of the certain period, and it is also the benefit that will be paid for the duration of the member’s life if the member is pre-deceased by the beneficiary. If both the member and beneficiary are alive at the end of the certain period, the benefit amount payable is a reduced amount that reflects the value of the beneficiary benefit. If the member pre-deceases the beneficiary, a beneficiary benefit is paid (after the remaining certain period, if any) until the beneficiary's death that is a specified fraction of the joint benefit otherwise payable after the certain period.

Refund Annuity: payments for the member's lifetime with a minimum guaranteed amount promised to be paid before payments cease. At member death, the remainder (refund), if any, of the guaranteed amount is paid to the beneficiary as either a lump sum or continued installments.

Lump sum: one single payment at benefit commencement date.

Social security level income: payments for the member’s lifetime integrated with the estimated Social Security benefit to provide a level stream of payments.

Joint life & social security level income: payments for the member’s lifetime integrated with the estimated Social Security benefit to provide level stream of payments with continuation benefits for the beneficiary’s life time at the member’s death.

Custom contingent joint life annuity: payments for the member’s lifetime with a continuation benefit for the beneficiary’s lifetime at the member’s death. The beneficiary fraction (e.g., 0.5 for 50%) is specified in a referenced database field. There is no conversion for this option.

Life insurance: one single payment upon the death of the participant. The amount payable is the amount of life insurance that the present value of the benefit buys at benefit commencement date.

Select a topic to edit: collects the payment form parameters into logical groups.  The list of topics will change depending on the form selected.  The potential distinct topics are: