Installment Refund Annuity definition
Installment Refund Annuity means a nontransferable immediate annuity which refunds a Participant's Plan Benefit to the Participant (or upon his or her death, to his or her Beneficiary) over a period certain of 5, 10 or 15 years (whichever the Participant has elected) with no payments being made after such period ends.