All of the following apply with respect to the annuity: a.
(a)#
The annuity is irrevocable and nonassignable.
(b)#
The annuity is actuarily sound, as determined in accordance with actuarial publications of the office of the chief actuary of the social security administration.
(c)#
The annuity provides for payments in equal amounts during the term of the annuity, with no deferral and no balloon payments made.