An annuitant is a person who is entitled to receive benefits from an
annuity
In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, ...
. The payout benefits for an annuitant are based on the person's life expectancy.
Since 2000, in the
United States of America
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territo ...
,
Federal
Federal or foederal (archaic) may refer to:
Politics
General
*Federal monarchy, a federation of monarchies
*Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or ...
and
State agencies have allowed the rehiring of
retired
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
Many people choose to retire when they are elderly or incapable of doing their j ...
employees without the loss of their
retirement benefits. Such a "rehire" is referred to as an annuitant. Often a maximum number of hours per year which the annuitant may work is specified. In 2020/2021, these annuitants are providing emergency pandemic support.
For instance, the
State of California has posted annuitant guidelines.
The rehiring of retired employees often allows agencies to benefit from the experience of retired employees who may be relied upon to share their experience and training with new hires, or to supplement or "bridge" areas where person power is needed but not currently affordable.
References
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Contract law
Personal finance