ANNUAL ANNUITY EQUIVALENT Sample Clauses

ANNUAL ANNUITY EQUIVALENT for a 401(k) plan or other defined contribution plan shall be equal to the annual benefit that would be payable pursuant to a single life annuity with equal annual payments, commencing on the Normal Retirement Age and continuing for the Executive's life, that could be purchased with the amount assumed to be available for such purchase pursuant to this Section 1.
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ANNUAL ANNUITY EQUIVALENT. 2 1.4. BENEFICIARY....................................................... 2 1.5. CALENDAR YEAR..................................................... 2 1.6.
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ANNUAL ANNUITY EQUIVALENT for the Company’s defined contribution plans shall be equal to the annual benefit payable from a single life annuity on the Executive’s life as of the time for which the value is to be calculated, which value shall be determined on the basis of the discount rates, mortality tables and other assumptions expressed in Section 417(e) of the Code. For purposes of this Section 1.3, the amount available to invest in said annuity shall be deemed to be the total of: (i) all amounts actually contributed by the Company as matching contributions to the defined contribution plan on the Executive’s behalf, plus (ii) earnings on those matching contributions. Such earnings shall be deemed to be equal to the amount which would have been earned if the balance in the account (including amounts deemed to have been earned thereon pursuant to this Section 1.3) had been invested at the ten year average of the ten (10) year Treasury Bond rate (5.917%). Nothing in this Section 1.3 shall require the Executive to actually purchase an annuity or to actually surrender any life insurance contract at retirement.
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ANNUAL ANNUITY EQUIVALENT. 1.6. BENEFICIARY
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ANNUAL ANNUITY EQUIVALENT. (a) for the Pension Plan shall be equal to the annual benefit payable under the Pension Plan if all Pension Plan benefits were being paid as a single life annuity; and (b) for a defined contribution plan shall be equal to the annual benefit payable from a single life annuity on the Executive's life from a company holding at least an AA rating from Xxxxx'x, Standard & Poor's or an equivalent rating service. For purposes of this section, the amount available to invest in said annuity shall be assumed to be the total of the employer's matching contributions to the defined contribution plan on the Executive's behalf, calculated as all amounts actually contributed by the employer as matching contributions to the defined contribution plan plus earnings.
Sample 1

Related to ANNUAL ANNUITY EQUIVALENT

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Payment Options  Paper Invoice - Supplier submits a paper invoice to the organisation as standard for each purchase order received.  Embedded Purchase Card - This payment option allows the supplier to charge the cost of the goods/services provided to a VISA/MasterCard electronic Purchasing Card (ePC) belonging to a Contracting Authority. The supplier shall receive payment from VISA/MasterCard therefore negating the need to provide an invoice to the Contracting Authority.  Consolidated Electronic Invoice - Supplier submits a single invoice covering multiple purchase orders in an electronic file.  Self-Billing - Once the Goods Received Note (GRN) has been entered on PECOS P2P, a payment instruction is automatically sent to the Contracting Authority’s finance system to make payment to the supplier for the goods/services received.  Electronic Invoices - Supplier submits an electronic invoice either directly to PECOS P2P/relevant system (cXML) and/or via the SG eInvoicing Solution, which can go again direct to PECOS P2P or a Contracting Authority’s finance system.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • ANNUITY PAYMENTS Annuity Payments will commence on the Annuity Payment Date. Payments are made under the Annuity Payment Option selected (see Section 8.02).

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

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