Common use of Benefits based on incorrect data Clause in Contracts

Benefits based on incorrect data. If the amount of benefits is determined by data as to a person’s age or sex that is incorrect, the benefits payable will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made. Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year.

Appears in 6 contracts

Samples: Retirement Choice Annuity Contract (Tiaa Separate Account Va-3), Retirement Choice Plus Annuity Contract (Tiaa Separate Account Va-3), Retirement Choice Annuity Contract (Tiaa Separate Account Va-3)

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Benefits based on incorrect data. If the amount of benefits is determined by data as to a person’s 's age or sex that is incorrect, the benefits payable will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made. Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year.

Appears in 4 contracts

Samples: Retirement Choice Plus Annuity Contract (Tiaa Real Estate Account), Retirement Annuity Contract (Tiaa Real Estate Account), Retirement Choice Annuity Contract (Tiaa Real Estate Account)

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Benefits based on incorrect data. If the amount of benefits is determined by data as to a person’s age or sex that is incorrect, the benefits payable will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made. Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year%.

Appears in 1 contract

Samples: Supplemental Retirement Annuity Contract (TIAA Separate Account VA-3)

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