What type of contract provides income for a specified period or for the lifetime of an individual to benefit a group of employees?

The correct choice, a Group Annuity, is a financial vehicle that provides a stream of income for a specified period or for the lifetime of an individual, specifically designed to benefit a group, such as employees within an organization. Group annuities are often used in retirement plans to ensure that employees receive regular payments after they retire, thus securing a steady income during retirement. These contracts pool the contributions from multiple individuals, allowing for greater investment and risk management benefits.

While a pension plan does provide retirement income as well, it is defined more by the benefits structure and can include various options, including defined benefit or defined contribution plans. Individual Retirement Accounts, on the other hand, are personal accounts that provide tax advantages for retirement savings but do not inherently provide income for a group of employees. Life insurance policies are designed to provide financial support upon the death of the insured but do not function as periodic income sources for individuals during their lifetime.