A definitive pre-established period within which an annuity payment will be completed. For instance, an annuity payment could be for 20-year term, and would continue to the beneficiaries of the annuitant, if the annuitant dies before the 20-year period expires. If the annuitant lives for more than 20 years, the payments would still cease on the expiration of the 20-year period.
IRC§72(t), Treas. Reg. §1.402(c)-2, Q&A-5(c)
Additional Helpful Information
Term certain is sometimes used interchangeably with non-recalculation.