An annuity that commences payment to the annuitant at the end of the first prescribed payment period. If an insured buys an immediate annuity with monthly payments, he will start receiving benefits at the end of the first month after the purchase.
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The attainment of a benefit right by a participant, attributable to employer contributions, that is not contingent upon a participant’s continuation in specified employment. See also Contingent Vesting, Deferred Vesting, and Immediate Vesting.