### Question
How does the law define annuity?


### Answer
Under *45 U.S.C. § 231*, **annuity** is defined as:

> a monthly sum which is payable on the first day of each calendar month for the accrual during the preceding calendar month

#### Citation:
  - *45 U.S.C. § 231*
  - Heading: **CHAPTER 9-RETIREMENT OF RAILROAD EMPLOYEES > SUBCHAPTER IV-RAILROAD RETIREMENT ACT OF 1974**

