Annuity Factor Method Sample Clauses

Annuity Factor Method. The annual payment is determined by dividing your account balance by an annuity factor. This factor is determined by use of a reasonable mortality table and a reasonable interest rate. The factor is the present value of an annuity of $1.00 for a stated period (yearly, semi-annually, monthly, etc.) beginning at the age you attain during the year you take the first distribution and continuing for your life. This annual amount will not change. SPECIAL WARNING-SUBSEQUENT CHANGE: A special penalty tax may apply if you set up a periodic payout schedule to avoid the 10% penalty tax, but then you subsequently modify the series of payments (e.g. you decide you need more cash, so you close the 403(b) or you decide to stop receiving the periodic payments.) If you modify the payment schedule before you reach 59 1/2, then you will be liable for this special penalty tax. If you have attained age 59 1/2 at the time of the modification, but the periodic payout schedule has not been in effect for five years (as determined from the date of the first payment), then you will also be subject to the special penalty tax on all taxable funds withdrawn before age 59 1/2 through such date of modification. This penalty tax shall be the amount, determined under regulations, equal to the 10% tax which otherwise would have been imposed plus the interest for the deferral period. That is, you owe the 10% tax that you otherwise would have owed but for this special exception and you must pay the interest which has accrued from the year you should have paid the 10% tax until such time of modification. The special penalty tax will not be imposed if the modification of the payout schedule is due to your death or disability. PARTICIPANT'S ACKNOWLEDGEMENT AND ELECTION I hereby instruct you that I have not attained age59 1/2 and that I wish to commence substantially equal periodic payments from my 403(b). I have read the above notice and understand that I will be subject to a special penalty tax if I subsequently modify this payout schedule as discussed above. I understand that I must take a distribution under this schedule at least annually and that the annual amount must be considered a substantially equal periodic payment as defined by the IRS and the Internal Revenue Code. I hereby request that my annual payment be determined under the following method (select one Method only and complete the following information): I elect to use a . single life; or . joint life factor and this factor will ...
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Related to Annuity Factor Method

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

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  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Basic Plan All services are subject to an annual deductible of $50 per person and $100 per family. Preventive services are covered at 100%. After paying the deductible, the plan provides usual, customary, and reasonable (UCR) coverage at 100% for diagnostic and restorative services, and 80% for major services. Orthodontia is not covered.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • 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.

  • Basic Salary Schedule The basic salaries of teachers shall be according to the following schedules: Effective the first day of the Fall Term, 2018 – 1.6% increase. Years of Experience Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 0 39,299 43,274 47,673 57,023 60,877 64,356 68,282 1 40,913 45,521 50,103 60,155 64,118 67,767 71,750 2 42,536 47,767 52,535 63,281 67,356 71,175 75,215 3 44,152 50,014 54,971 66,414 70,596 74,585 78,682 4 45,772 52,258 57,401 69,546 73,833 77,994 82,149 5 47,390 54,503 59,834 72,674 77,076 81,405 85,616 6 49,008 56,750 62,271 75,805 80,314 84,816 89,084 7 50,684 58,996 64,700 78,937 83,550 88,224 92,548 8 67,170 82,068 86,792 91,636 96,017 9 85,197 90,032 95,045 99,483 10 88,328 93,271 98,452 102,949 Effective the first day of the Fall Term, 2019 – 1.4% increase. Years of Experience Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 0 39,849 43,880 48,340 57,821 61,729 65,257 69,238 1 41,486 46,158 50,804 60,998 65,015 68,716 72,754 2 43,131 48,436 53,271 64,166 68,299 72,171 76,269 3 44,770 50,714 55,740 67,344 71,584 75,629 79,784 4 46,413 52,990 58,205 70,520 74,866 79,086 83,299 5 48,054 55,266 60,672 73,692 78,155 82,545 86,815 6 49,694 57,544 63,142 76,866 81,438 86,003 90,331 7 51,394 59,822 65,606 80,042 84,719 89,460 93,844 8 68,110 83,217 88,007 92,919 97,361 9 86,389 91,292 96,375 100,875 10 89,565 94,577 99,831 104,391 Effective the first day of the Fall Term, 2020 – 0.5% increase. Years of Experience Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 0 40,048 44,100 48,582 58,110 62,038 65,584 69,584 1 41,694 46,389 51,058 61,302 65,340 69,060 73,118 2 43,347 48,678 53,537 64,487 68,640 72,532 76,650 3 44,994 50,967 56,019 67,680 71,942 76,007 80,183 4 46,645 53,255 58,496 70,872 75,241 79,482 83,715 5 48,294 55,543 60,975 74,060 78,546 82,957 87,249 6 49,942 57,832 63,458 77,250 81,845 86,433 90,783 7 51,651 60,121 65,934 80,442 85,143 89,907 94,313 8 68,451 83,633 88,447 93,384 97,848 9 86,821 91,749 96,857 101,380 10 90,012 95,050 100,330 104,912 Effective the first day of the Fall Term, 2021 – COLA**. **COLA will be determined as follows: In January 2022, or as soon as possible thereafter, when the 12 month (January to December 2021) average annual Statistics Canada Consumer Price Index for Manitoba – All items, change is made known, the increase will be applied retroactively to September 1, 2021.

  • Annuity Plan Teachers will be eligible to participate in a "tax sheltered " Annuity Plan established pursuant to United States Public Law No. 87-370. Annuity deductions shall be made on a semi-monthly basis.

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