ALLOCATION OF ANNUITY Sample Clauses

ALLOCATION OF ANNUITY. When the Owner makes a choice as to annuity option, he or she will also choose between a Fixed Annuity, a Variable Annuity or any combination of the two. If a choice is not made at least 30 days before the Maturity Date, as stated in Section 27, payments will be made on a Variable Annuity basis.
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ALLOCATION OF ANNUITY. 5 2.07 Determination of First Payment........................................ 5 2.08
Sample 1
ALLOCATION OF ANNUITY. Unless Minnesota Mutual shall be notified in writing to the contrary by the Owner at least 30 days prior to the Annuity Commencement Date, General Account accumulation units will be applied to provide a fixed dollar annuity and Separate Account accumulation units will be applied to provide a variable annuity.
Sample 1
ALLOCATION OF ANNUITY. A Participant may elect to have any portion of his Individual Account applied to provide either a variable annuity or a fixed annuity or a combination of both; provided that where a transfer of accumulation units from one Account to the other is required, written notice of election must be received by the Company at least 30 days prior to the Annuity Commencement Date and the first payment provided by each Account must be at least $10.00. In the absence of any notification by the Contract Owner to the contrary, when an Annuity is effected for a Participant, who elected a Deferred Annuity, General Account accumulation units will be applied to provide a fixed-dollar annuity and Separate Account accumulation units will provide a variable annuity.
Sample 1
ALLOCATION OF ANNUITY. The Contract Owner may elect to have the Net Accumulated Value of the Contract applied at the Annuity Commencement Date to provide a Fixed Annuity, a Variable Annuity, or any combination thereof. Such elections must be made in writing to the Company at its Executive Office at least 30 days prior to the Annuity Commencement Date. Any allocations under this provision are subject to the requirements of Section VI-G, Adjustment of Monthly Payment.
Sample 1
ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant’s Account applied to provide a fixed dollar annuity, a variable annuity, or a combination of both. The election of an annuity payment option by a Participant may not result in a first payment that is less than $20.00. If at any time Annuity HL-15420 SPECIMEN payments are to become less than $20.00, the Company has the right to change the frequency of payment to intervals that will result in payments of at least $20.00. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than $10.00, the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least $10.00. Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in “Valuation Provisions” at Section 6. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section 6, Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the “Valuation Provisions”, for the fifth business day preceding the date the annuity payment is due.
Sample 1
ALLOCATION OF ANNUITY. When you elect one of the annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, fixed annuity, or a combination of both. If no election is made to the contrary on these options, the Accumulated Value in the Divisions of the Separate Accounts will be applied to provide a variable annuity. For the variable portion of an annuity option, the amounts applied to the annuity are used to purchase Annuity Units in the selected Division(s). The number of Annuity Units purchased in each Division is calculated as the dollar amount of the first Annuity Payment provided by Proceeds from that Division divided by the Annuity Unit value for the Division as of the Annuity Date. On any payment date, the amount of payment from each Division is calculated as the number of Annuity Units for the Division times the Annuity Unit value for the Division as of the payment date, less any applicable administrative charges. Although variable Annuity Payments will vary to reflect performance of the Divisions, we guarantee that the dollar amounts of variable Annuity Payments will not be adversely affected by our actual expense and mortality results. MINIMUM AMOUNTS The minimum amount for each payee that can be placed under an option and the minimum amount of any payments under an option will be based on our rules at the time the option is to become effective (or as required by state law). A person who receives Annuity Payments under an annuity option is a payee. Except for a legal guardian, a payee must generally be a natural person receiving benefits in his or her own right. With our consent, the payee may be a trustee, assignee, corporation, or partnership. CONTINGENT PAYEE The payee may name contingent payees, subject to any restrictions under an annuity option chosen during the Annuitant's lifetime, under the following conditions: 1. If you are the payee; or 2. If at any time after the Annuitant's death and during the option period no previously named contingent payee is living. The named contingent payee will be disregarded if making that person or entity the contingent payee would prevent treatment of this Contract as an annuity for federal income tax purposes. Designations made by the payee under these provisions may be changed by the payee. Such changes must be made by Written Request satisfactory to us. Changes will only take effect when we accept them in writing at our Annuity Service Office. At that time, the contingent intere...
Sample 1
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ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant's Account applied to provide [a fixed dollar annuity, a variable annuity, or a combination of both]. The election of an annuity payment option by a Participant may not result in a first payment that is less than [$20.00]. If at any time Annuity payments are to become less than [$20.00], the Company has the right to change the frequency of payment to intervals that will result in payments of at least [$20.00]. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than [$10.00], the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least [$10.00]. [Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in "Valuation Provisions" at Section [6]. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section [6], Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the "Valuation Provisions", for the fifth business day preceding the date the annuity payment is due.]
Sample 1
ALLOCATION OF ANNUITY. When you elect one of the first five annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, guaranteed annuity, or a combination of both. If you elect option 6, you may specify whether the net investment factor for Separate Account No. 2 or the General Account is to apply, or whether the amount due shall be split between the two accounts. If no election is made to the contrary on these options, that portion of accumulated value in the Separate Account shall be applied to provide a variable annuity and that portion in the General Account shall be applied to provide a guaranteed annuity. If you elect option 7, we will consider this an election to place the entire accumulated value in the General Account.
Sample 1

Related to ALLOCATION OF ANNUITY

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Allocation of Award The total Award made with respect to the Leased Property or for loss of rent, or for Lessor’s loss of business beyond the Term, shall be solely the property of and payable to Lessor. Any Award made for loss of Lessee’s business during the remaining Term, if any, for the taking of Lessee’s Personal Property, or for removal and relocation expenses of Lessee in any such proceedings shall be the sole property of and payable to Lessee. In any Condemnation proceedings Lessor and Lessee shall each seek its Award in conformity herewith, at its respective expense; provided, however, Lessee shall not initiate, prosecute or acquiesce in any proceedings that may result in a diminution of any Award payable to Lessor.

  • Limitation on Allocation of Net Loss To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Partnership Common Units in accordance with their respective Percentage Interests with respect to Partnership Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General Partner, subject to the limitations of this Section 6.4.A(vi).

  • Termination for Non-Allocation of Funds Renegotiate the Contract under the revised funding conditions; or

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Allocation of Net Profits and Net Losses As of the last day of each Fiscal Period, any Net Profits or Net Losses for the Fiscal Period shall be allocated among and credited to or debited against the Capital Accounts of the Members in accordance with their respective Investment Percentages for such Fiscal Period.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

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