Forms & Publications

SJCERA GLOSSARY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Term Definition
Letter of Testamentary A Letter of Testamentary is a court order appointing the person named in the most recent will of a deceased member as executor of his estate — or, in the absence of a will, a court order appointing a public official or institution to administer the deceased member's estate.
Life Expectancy Length of time a person of a given age is expected to live. The period is a statistical average, based on mortality tables showing rate of death at each age. It does not seek to predict the life span of a particular individual. See mortality table.
Life-Only Annuity An annuity payable as long as the annuitant lives, with all payments (except for return of any employee contributions) ceasing at death.
Lump Sum Distribution Payment within one taxable year to the recipient of the entire balance payable to him or her from a trust that forms part of a qualified pension or employee annuity plan on account of his or her death, separation from service or the attainment of age 59 1/2. Distributions from KEOGH plans to owner-employees on account of disability also qualify as lump sum distributions. However, such distributions made on account of separation from service prior to age 59 1/2 do not. A lump sum distribution may qualify for special tax treatment.
Lump-Sum Death Benefit A lump-sum death benefit is a single payment benefit payable upon the death of an eligible member.   If the deceased was an active member, the recipient receives the basic death benefit. If the deceased was a retired member, the recipient's lump-sum benefit depends on the type of retirement option selected by the member.