ANNUITIZATION PROVISIONS Sample Clauses

ANNUITIZATION PROVISIONS. GENERAL All of the provisions within this section are subject to the restrictions set forth in the Section entitled "Death of Contract Owner", and "Death of Annuitant". ANNUITIZATION This is the process of purchasing an annuity according to the option selected, during the payout phase of the Contract. As of the Annuity Commencement Date, the Contract Value is surrendered and applied to the purchase rate then in effect for the option selected. The purchase rates for options set forth under this Contract will be determined on a basis not less favorable than the 1971 Individual Annuity Mortality Table (set back one year) with minimum interest at 3.5%. The purchase rates will not be less favorable than those offered by the Company at the time of Annuitization on a Single Premium Immediate Annuity for the same age, sex, and Annuity Payment Option. The rates shown in the Annuity Tables are calculated on this guaranteed basis. Annuitization is irrevocable once payments have begun. ANNUITY COMMENCEMENT DATE Such date: (1) must be the first day of a calendar month; and (2) must be at least two years after the Date of Issue. The Annuity Commencement Date may not be later than the first day of the first calendar month after the Annuitant's 75th birthday, unless a later date has: (1) been requested by the Contract Owner; and (2) approved by the Company. This date is selected by the Owner at the time of application. Any applicable premium taxes not already deducted will be deducted from the Contract Value at this time. The remaining Contract Value will then be applied to the Annuity Payment Option selected by the Owner. CHANGE OF ANNUITY COMMENCEMENT DATE The Owner may change the Annuity Commencement Date. A change of Annuity Commencement Date must be made prior to the Annuity Commencement Date and by written request. The request must be received at the Home Office prior to the new Annuity Commencement Date. The date to which such a change may be made must be the first day of a calendar month. CHANGE OF ANNUITY PAYMENT OPTION The Owner may change the Annuity Payment Option prior to the Annuity Commencement Date. A change of the Annuity Payment Option must be made by written request and must be received at the Home Office prior to the Annuity Commencement Date. After a change of Annuity Payment Option is received at the Home Office, it will become effective as of the date it was requested. A change of Annuity Payment Option will not apply to any payment made or action t...
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ANNUITIZATION PROVISIONS. 8 DEFINITIONS ----------- ANNUITANT - The person designated with respect to each Certificate Owner's account to receive annuity payments and upon whose continuation of life any annuity payments involving life contingencies depends. This person must be age 85 or younger at the time of Certificate issuance unless the Company has approved a request for an Annuitant of greater age. The Annuitant may be changed prior to the Annuitization Date with the consent of the Company. ANNUITIZATION - The period during which annuity payments are received. ANNUITIZATION DATE - The date the annuity payments commence. ANNUITY COMMENCEMENT DATE - The date on which annuity payments are scheduled to commence. The Annuity Commencement Date is shown on the Data Page of the Certificate Agreement, and is subject to change by the Certificate Owner. ANNUITY PAYMENT OPTION - The chosen form of annuity payments. Several options are available under the Certificate Agreement. BENEFICIARY - The person designated with respect to the Certificate Owner's account to receive certain benefits under the Contract upon the death of the Annuitant prior to the Annuitization Date. The Beneficiary can be changed by the Certificate Owner as set forth in the Certificate Agreement.
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ANNUITIZATION PROVISIONS. All Annuitization Provisions, including the selection and change of Annuity Payment Options, the Annuity Commencement Date, calculation and frequency of payments, and the available Annuity Payment Options are prescribed in the Certificate Agreement. A Supplementary Agreement will be issued to the Annuitant within 30 days following the Annuitization Date. The Supplementary Agreement will set forth the terms of the Annuity Payment Option selected.
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ANNUITIZATION PROVISIONS. (Continued)
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ANNUITIZATION PROVISIONS. ANNUITY COMMENCEMENT DATE The Annuity Commencement Date is a date chosen by the Certificate Owner and is generally the first day of a calendar month. The date must be at least two years after the Certificate Effective Date. If the Certificate Owner does not choose an Annuity Commencement Date, a date will be established for the Certificate Agreement. The Certificate Owner may change the Annuity Commencement Date prior to the Annuitization Date at any time via a written request as outlined in the "Change in Annuity Commencement Date and Annuity Payment Option" section. For those Certificate Agreements issued under Qualified Plans, TSAs, or IRAs, if the Annuity Commencement Date is not chosen by the Certificate Owner, the Annuity Commencement Date established on the Certificate Effective Date will be the date on which the Certificate Owner reaches 70 1/2. For Non-Qualified Certificates, the Annuity Commencement Date established on the Certificate Effective Date will be the date on which the Certificate Owner reaches age 92. The Annuity Commencement Date may be changed but may not be later than the first day of the first calendar month after the Annuitant's 92nd birthday unless otherwise agreed upon by the Certificate Owner and Company.
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ANNUITIZATION PROVISIONS. ANNUITIZATION
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ANNUITIZATION PROVISIONS. ANNUITIZATION (1) an Annuity Payout Option; and (2) elect either a Fixed Annuity, Variable Annuity or other annuity that may be available at the time of Annuitization. As of the Annuitization Date, the Certificate Account Value is surrendered and applied to the purchase rate then in effect for the option selected. The purchase rates for any options guaranteed to be available will be determined on a basis not less favorable than the 1983 "Table a" with ages set back six years, with minimum interest at 3.0%. The rates shown in the Annuity Tables are calculated on this guarantee basis. Annuitization is irrevocable once payments have begun. ANNUITY COMMENCEMENT DATE The Annuity Commencement Date may be the first day of a calendar month or any other agreed upon date. It must be at least two years after the Date of Issue. The Annuity Commencement Date may not be later than the first day of the first calendar month after the Annuitant's [90th] birthday, unless a later date has been requested by the Certificate Owner and approved by the Company. This date is selected by the Certificate Owner at the time of application. Any applicable premium taxes not already deducted may be deducted from the Certificate Account value at the Annuitization Date. The remaining Certificate Account Value will then be applied to the Annuity Payment Option selected by the Certificate Owner.
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Related to ANNUITIZATION PROVISIONS

  • REFERENCED CONTRACT PROVISIONS 2 Term: March 10, 20109 through June 30, 20110 3 “Period One” means the period from March 10, 2009 through June 30, 2009 4 “Period Two” means the period from July 1, 2009 through June 30, 2010 5 Maximum Obligation: $88,080 6 Period One Maximum Obligation: $ 44,040 7 Period Two Maximum Obligation: 8 TOTAL CONTRACT MAXIMUM OBLIGATION: $132,120 9 Basis for Reimbursement: Fee for Service 10 11 Payment Method: Fee for Service 12 Notices to COUNTY and CONTRACTOR: 14 COUNTY: County of Orange Health Care Agency 15 Contract Development and Management 16 000 Xxxx 0xx Xxxxxx, Xxxxx 000 00 Xxxxx Xxx, XX 00000-0000 18 CONTRACTOR: National Alliance on Mental Illness 19 dba NAMI Orange County 20 0000 X. 00xx Xxxxxx 00 Xxxxx Xxx, XX 00000 22 Coverage Minimum Limits 24 Workers' Compensation Statutory 25 Employer's Liability $1,000,000 26 Sexual Misconduct Insurance $1,000,000 Comprehensive General Liability Insurancewith $1,000,000 combined single limit 27 Comprehensive broad form Property damage and per occurrence including coverage 28 contractual liability $2,000,000 aggregate 29 Automobile Liability Insurance ), $1,000,000 combined single limit Workers' Compensation Statutory 30 coveringfor owned, non-owned, and hired ) vehicles) per occurrence 31 Employer's Liability Insurance $1,000,000 per occurrence Professional Liability Insurance $1,000,000 per claims made or 34 Sexual Misconduct $1,000,000 per occurrence 35 per occurrence 36

  • Termination Provisions In this Agreement:

  • ANNUITY PROVISIONS Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.

  • Other Contribution Provisions In the event that any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, unless otherwise determined by the General Partner in its sole and absolute discretion, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such partner in cash and such Partner had contributed the cash to the capital of the Partnership. In addition, with the consent of the General Partner, one or more Limited Partners may enter into contribution agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership.

  • Other Allocation Provisions Certain of the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations. Sections 5.03, 5.04 and 5.05 may be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations or any applicable Law, so long as any such amendment does not materially change the relative economic interests of the Partners.

  • Contract Provisions The Recipient will ensure that all Contracts are consistent with and incorporate the relevant provisions of the Agreement, including its insurance provisions. More specifically, but without limiting the generality of the foregoing, the Recipient agrees to include provisions in all Contracts to ensure: (a) that proper and accurate accounts and records are kept and maintained as described in the Agreement including, but not limited to, in paragraph A.7.3(a); (b) that all applicable Requirements of Law including, without limitation, labour and human rights legislation, are complied with; and (c) that the Contract secures the respective rights of the Province and Canada, and any authorized representative or independent auditor identified by the Province or Canada, and the Auditor General of Ontario and the Auditor General of Canada to: (i) inspect and audit the terms of any Contract, record or account in respect of the Project; and (ii) have free and timely access to the Project sites and facilities, and any records, documentation or information, as contemplated pursuant to section A.7.5 (Inspection and Removal).

  • CFR PART 200 Contract Provisions Explanation Required Federal contract provisions of Federal Regulations for Contracts for contracts with ESC Region 8 and TIPS Members: The following provisions are required to be in place and agreed if the procurement is funded in any part with federal funds. The ESC Region 8 and TIPS Members are the subgrantee or Subrecipient by definition. Most of the provisions are located in 2 CFR PART 200 - Appendix II to Part 200—Contract Provisions for Non-Federal Entity Contracts Under Federal Awards at 2 CFR PART 200. Others are included within 2 CFR part 200 et al. In addition to other provisions required by the Federal agency or non-Federal entity, all contracts made by the non- Federal entity under the Federal award must contain provisions covering the following, as applicable.

  • General Contract Provisions Any and all Schedules to this Agreement form a part hereof. No amendment, waiver, discharge or release of this Agreement shall be binding or enforceable unless made in writing signed by all of the parties hereto. Time is and shall remain of the essence under and pursuant to this Agreement; provided that the time for performing or completing any matter under or pursuant to this Agreement may be extended or abridged by an agreement in writing by the parties or their respective solicitors. Failure by any party to strictly enforce any provisions hereof shall not operate as a waiver or limitation of such party's rights hereunder in respect of any subsequent default. If any provision of this Agreement or the application thereof to any person or circumstance is to any extent held or rendered invalid, unenforceable or illegal, same shall be considered separate and severable herefrom and all other provisions of this Agreement shall remain in full force and effect and be binding upon the parties hereof. The headings set forth in this Agreement are inserted for convenience and reference only and shall in no way define or limit the intent or interpretation of any of the provisions hereof. Wherever in this Agreement any subject matter is described as including specifically described persons, things, events or other items, unless expressly stated to the contrary, the word “including” or any other derivation or variation of that word means, as the case may be, “including, without limitation,” or “including, without limiting the generality of the foregoing,” or such derivation or variation thereof as required by the context. This Agreement shall be read and construed with all changes of gender and number of the party or parties referred to in each case as required by the context, and the covenants and agreements of each party shall be deemed to be joint and several where such party is more than one person, firm or corporation. With respect to each party which is a partnership, each person who is presently a partner of such partnership and each person who becomes a partner of such partnership shall be and continue to be jointly and severally liable for all covenants and agreements of such party notwithstanding that any such person subsequently ceases to be a partner of such partnership, subject to and only to the extent of the limited liability of any such person that is a limited partner of such partnership.

  • Buyout Provisions The Committee may at any time (i) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (ii) authorize a Participant to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

  • Transition Provisions Any person engaged as an apprentice at the date this award commenced operation shall be deemed to be an apprentice for all purposes of this award until the completion or cancellation of their apprenticeship contract.

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