Common use of Annuities Clause in Contracts

Annuities. Whenever a benefit with respect to a Participant's Account is payable in a series of payments pursuant to the Plan, with the dollar amount of each payment being determined as of the date payments begin, the Contract-Holder will notify Prudential to have the Participant's Account applied to purchase an annuity for him. However, the Contract-Holder will retain all rights with respect to the annuity. The dollar value of the Account will be applied. The schedule of annuity purchase rates that applies is determined from Schedule A. The monthly amount of annuity is determined from the schedule of purchase rates for that annuity. As of the first day no amounts remain in the Participant's Account or in an Account for him under a companion contract, his Account is cancelled.

Annuities. Whenever a benefit with respect to a Participant's Account is payable Payable in a series of payments pursuant to the Plan, with the dollar amount of each payment being determined as of the date payments begin, the Contract-Holder will notify Prudential to have the Participant's Account applied to purchase an annuity for him. However, the Contract-Holder will retain all rights with respect to the annuity. The dollar value of the Account will be applied. The schedule of annuity purchase rates that applies is determined from Schedule A. The monthly amount of any annuity is determined from the schedule of purchase rates for that annuity. As of the first day no amounts remain in the Participant's Account or in an Account for him under a companion contract, his Account is cancelled.