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Contingent Annuity Option

An option under which an employee may elect to receive under certain conditions a reduced amount of annuity with the same income or a specified fraction to be paid after his or her death to another person designated as his or her contingent annuitant for that person’s lifetime. The contingent annuitant is usually the husband or wife. See also Automatic Survivor Coverage; Joint and Survivor Annuity.- www.ifebp.org

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