annuity

Tuesday’s winner can opt for an annual annuity that pays out over 30 years or claim a $409.3-million lump sum.

The legislation goes further to assert that the act of killing oneself with self-administered prescription medication does not invalidate any part of an insurance policy or annuity.

The jackpot has a cash value of $621 million if the winner chooses to take a lump sum rather than an annuity paid over 30 years, with an immediate payout followed by 29 annual installments.

That’s because while officials tout the $1.23 billion prize, that is for a sole winner who chooses to be paid through an annuity, with an immediate payment and then annual payments over 29 years.

The $975 million prize is for a sole winner who makes the rare decision to be paid over 30 years through an annuity.