Annuity Contract. An individual or group annuity contract issued by an insurance company providing periodic benefits, whether fixed, variable or both, the benefits or value of which a Participant or Beneficiary cannot transfer, sell, assign, discount, or pledge as collateral for a loan or as security for the performance of an obligation, or for any other purpose, to any person other than the issuer thereof. The terms of any annuity contract purchased and distributed by the Plan to a Participant or Spouse shall comply with the requirements of this Plan.
Annuity Contract. Annuity Contract means an annuity contract that the Trustee purchases with the Participant's Vested Account Balance. An Annuity Contract includes a QJSA, a QPSA and an Alternative Annuity. If the Plan Administrator elects or is required to provide an Annuity Contract, such annuity must be a Nontransferable Annuity and otherwise must comply with the Plan terms.
Annuity Contract. Flexible Premium Deferred Variable Annuity With Benefit Payment Options
Annuity Contract. Any annuity contract distributed under the Plan must be nontransferable. In addition, the terms of any annuity contract purchased and distributed to a Participant or to a Participant’s spouse must comply with all requirements under this Plan.
Annuity Contract. Nonparticipating
Annuity Contract. A nontransferable contract as defined in section 403(b)(1) of the Code, established for each Participant by the Employer, or by each Participant individually, that is issued by an insurance company qualified to issue annuities in Texas and that includes payment in the form of an annuity.
Annuity Contract. The Annuity Contract shall be a mere accounting device and the Employer shall have no obligation to actually purchase Annuity. Further, to the extent the Employer does purchase the Annuity, all right, title, and interest in and to the Annuity (or any other assets which may be purchased by Employer) shall at all times be the sole property of the Employer and shall in no event be deemed to constitute a fund or collateral security for the payments under the Agreement. The Annuity and any other asset purchased by the Employer shall for all purposes be a part of the general funds of the Employer. To the extent that the Executive or the Executive’s Beneficiary acquires rights to receive payments under the Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Employer. The Annuity Contract shall merely be the mechanism for tracking the benefits owed to the Executive under the Agreement.
Annuity Contract. The benefits available under this Contract, including the Contract Value, death benefit and the annuity income payments, when based on the investment experience of the separate account, are variable. They will increase or decrease as a result of fluctuations in the net investment factor described on page 7 of the Contract. There is no minimum guaranteed value for amounts allocated to the separate account. Variable annuity income payments are determined by the Annuity Unit Value(s) of the Sub-Account(s) you select and will increase or decrease as a result of fluctuations in the net investment factor above or below the yearly Assumed Investment Return of 4.75%, as described on page 10 of the Contract. The explicit charges assessed against the separate account are described on the Schedule.
Annuity Contract. The benefits available under this Contract, including the Contract Value, death benefit and the annuity income payments, when based on the investment experience of the separate account, are variable. They will increase or decrease based as a result of fluctuations in the net investment factor described on page 7 of the Contract. There is no minimum guaranteed value for amounts allocated to the separate account. Variable annuity income payments are determined by the Annuity Unit Value(s) of the Sub-Account(s) you select and will increase or decrease as a result of fluctuations in the net investment factor above or below the yearly Assumed Investment Return of 5%, as described on page 10 of the Contract. The explicit charges assessed against the separate account are described on the Schedule. Surrender charges are waived if the Contract’s specified conditions are met.
Annuity Contract. If an annuity contract ceases, at a particular time, to be a tax-free savings account, the following rules apply:
