### Question
How is the term guaranteed retirement income contract defined?


### Answer
The term **guaranteed retirement income contract** is defined in *29 U.S.C. § 1104* as the following:

> an annuity contract for a fixed term or a contract (or provision or feature thereof) which provides guaranteed benefits annually (or more frequently) for at least the remainder of the life of the participant or the joint lives of the participant and the participant's designated beneficiary as part of an individual account plan

#### Citation:
  - *29 U.S.C. § 1104*
  - Heading: **CHAPTER 18-EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM > SUBCHAPTER I-PROTECTION OF EMPLOYEE BENEFIT RIGHTS > Subtitle B-Regulatory Provisions > part 4-fiduciary responsibility**

