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Glossary B Beneficiary The joint annuitant or any other person, estate, organization, or trust fund designated by you to receive any benefits which may be payable upon your death. [back to top] Benefit Any payment—lump sum or periodic—to you, a retiree, or a beneficiary, based partially or entirely on employer contributions. [back to top] Blended Rate, Blended Retirement Contribution Rate One uniform contribution rate paid by an FRS employer on behalf of each employee, regardless of retirement plan, and based on percentage of pay and FRS membership class. [back to top] Buy Back, Buy-Back Amount The total amount of money needed to buy back into the Pension Plan after switching to the Investment Plan; the buy-back amount is equal to the "present value" of an employee's accumulated benefit in the Pension Plan (assuming the employee had previous service in that plan). If the employee did not have previous Pension Plan service, the buy-back amount is the Actuarial Accrued Liability (AAL) or total cost of the accumulated FRS Pension Plan benefit. [back to top]