Deferred annuity means an annuity under which the specified date or age at which payments are to begin occurs after the valuation date.
Early retirement benefit means an annuity benefit payable under the terms of the plan, under which the participant is entitled to begin receiving payments before his or her normal retirement age and which is not payable on account of the disability of the participant. It may be reduced according to the terms of the plan.
Non-trusteed plan means a single-employer plan which is able to close out by purchasing annuities in the private sector
Priority category means one of the categories contained in sections 4044 (a)(1) through (a)(6) of ERISA that establish the order in which plan assets are to be allocated.
Trusteed plan means a single-employer plan which has been placed into trusteeship by PBGC.
Valuation date means
Age means the participant's age at his or her nearest birthday and is determined by rounding the individual's exact age to the nearest whole year. Half years are rounded to the next highest year. This is also known as the "insurance age."
Monthly benefit means the guaranteed benefit payable by PBGC.
Lump sum payable in lieu of an annuity means a benefit that is payable in a single installment and is derived from an annuity payable under the plan.
Other lump sum benefit means a benefit in priority category 5 or 6, determined under subpart A of this part, that is payable in a single installment (or substantially so) under the terms of the plan, and that is not derived from an annuity payable under the plan. The benefit may be a severance pay benefit, a death benefit or other single installment benefit.
29 C.F.R. §4044.2