What is a contingent annuitant
FREQUENTLY ASKED QUESTIONS ABOUT THIS GROUP ANNUITY CONTRACT
What is the "Contract" that was purchased?
The "Contract" that was purchased by the Verizon Management Pension Plan to provide your annuity is a Group Annuity Contract issued by The Prudential Insurance Company of America.
What is a Group Annuity Contract?
A group annuity contract is a financial product sold by an insurance company. This contract provides guaranteed streams of income for members of a group at stated intervals, in this case monthly. Payments are typically made for each recipient’s lifetime, and, if applicable, for the lifetime of a joint annuitant (such as a spouse) thereafter. In some cases, payments are made for a specified period.
What is the Group Annuity Contract Number shown on the letter and the Annuity Certificate and why do I need to reference it when I contact you?
Prudential was not responsible for your pension benefit prior to the Date of First Payment on the Annuity Certificate. Therefore, the Number of Guaranteed Monthly Payments indicated on your Annuity Certificate reflects the Number of Guaranteed Monthly Payments remaining
as of the Date of First Payment from Prudential.
If you originally elected a Joint and Survivor Annuity form of payment at your retirement date, the only person that was eligible for any survivor benefits after your death was the Contingent Annuitant you originally named. If your designated Contingent Annuitant died prior to the Date of First Payment from Prudential, the annuity form that was purchased for you under the Group Annuity Contract is a Life Annuity, since there are no survivor benefits payable after your death. Therefore, your Annuity Certificate will show that you are entitled to a Life Annuity.
The information on my Annuity Certificate is not accurate. How can I have it corrected?
Please carefully review the information on your Annuity Certificate. If you discover any errors, please contact Prudential as soon as possible. You may be entitled to receive an adjusted payment (subject to limitations described in the Contract). Please note that all reasonable care has been taken to provide you with accurate information about your annuity payment based on the data we received from your prior payer.Source: welcome.retirewithpru.com