Annuitant
Encyclopedia
Annuitant defined: A person who is entitled to receive benefits from an annuity
.
Since 2000, in the United States of America, Federal and State agencies have allowed the re-hiring of retired employees without the loss of their retirement benefits
. Such a "re-hire" is referred to as an annuitant. Often a maximum number of hours per year which the annuitant may work is specified.
For instance, the State of California has posted its guidelines at:
http://www.documents.dgs.ca.gov/ohr/HRMemos/2006/06-012.doc
This concept often allows agencies to benefit from the experience of retired employees who may be relied upon to share their experience and training with new hires, or to supplement or "bridge" areas where personpower is needed but not currently affordable.
Life annuity
A life annuity is a financial contract in the form of an insurance product according to which a seller — typically a financial institution such as a life insurance company — makes a series of future payments to a buyer in exchange for the immediate payment of a lump sum or a series...
.
Since 2000, in the United States of America, Federal and State agencies have allowed the re-hiring of retired employees without the loss of their retirement benefits
Retirement Insurance Benefits
Retirement Insurance Benefits or Old-age Insurance Benefits are a form of social insurance payments made by the U.S. Social Security Administration paid based upon the attainment old age...
. Such a "re-hire" is referred to as an annuitant. Often a maximum number of hours per year which the annuitant may work is specified.
For instance, the State of California has posted its guidelines at:
http://www.documents.dgs.ca.gov/ohr/HRMemos/2006/06-012.doc
This concept often allows agencies to benefit from the experience of retired employees who may be relied upon to share their experience and training with new hires, or to supplement or "bridge" areas where personpower is needed but not currently affordable.