Annuity Settlement Options / Annuitization Sample Clauses

Annuity Settlement Options / Annuitization. (a)For all accumulation type deferred annuities (rather than fixed scheduled premium or other paid-up deferred annuities), the guaranteed interest rate and annuity mortality table being utilized for the guaranteed purchase rates must be identified in the contract. Section 4223(a)(1)(C). The Department has not approved an annuity purchase basis with an interest rate lower than 0.5%. §3201(c). If projection factors are used, they must also be specified (e.g., if the 1983a table with projection scale G is used, the year to which the mortality rates are projected needs to be specified). The following is an example of language that has been found acceptable: “For annuity payment options 2 and 3 in determining the monthly installment factor, the adjusted age mortality rates are projected for improvement each year. The first mortality rate for each attained age is projected for improvement five (5) years, the second mortality rate is projected for six (6) years and then each successive mortality rate is projected for one additional year.” The language in the example would need to be modified as appropriate to accurately reflect the actual calculation and options under the particular contract. If a percentage of the specified mortality table is to be used, then that percentage must be stated in the description. Contracts subject to the Arizona v Xxxxxx decision and Title VII of the Civil Rights Act of 1964 must provide for unisex annuity purchase rates. The description of the unisex mortality must be such that the mortality used is reasonably determined. If a pivot age approach is used then the pivot age must be specified.
Sample 1
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Related to Annuity Settlement Options / Annuitization

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  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

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