Joint-and-survivor annuity

{
  "id": "MLC-T-ECS-001016",
  "term": "Joint-and-survivor annuity",
  "field": "Economic statistics",
  "definition": "Immediate annuity for the life of the participant, and a survivor annuity for the life of the participant's spouse.\n\nNote: The amount of the survivor annuity may not be less than 50 percent, or more than 100 percent, of the amount payable during the time the participant and spouse are both alive. The annuity payable for the life of the participant is lower than that for a straight-life annuity; to account for the increased length of time over which payments will be made, this reduction may be a percentage of the straight-life benefit, such as 10 percent, or may be based on the life expectancy of the participant and spouse (an actuarial reduction).",
  "references": [
    "BLS Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/joint-and-survivor-annuity/"
}