BENEFITS TO ANNUITANTS Sample Clauses

BENEFITS TO ANNUITANTS. A participant must be an employee (including an "owner-employee") who is or may become eligible for benefits under the Plan or Trust. The annuitant under a payment plan will be the participant or his beneficiary. The Company will, on request satisfactory to it, pay benefits to annuitants named by the Owner. The Owner may elect a payment plan with payments greater than or equal to the minimums then in effect for payment plans then being offered by the Company. The Company will determine the amount required to provide the requested benefits. This amount will be withdrawn from the designated investment accounts as of the Effective Date of the withdrawal. If amounts are taken from a Division of the Separate Account, Accumulation Units will be redeemed in accordance with Section 2.3. If benefits are to be paid under a fixed payment plan, the Company will transfer the required amount to its General Account. The first payment under a payment plan will be due as of the effective date of the payment plan and will be paid promptly after that date. The Company will issue to the annuitant a certificate describing his rights and benefits.
Sample 1
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BENEFITS TO ANNUITANTS. A Participant is an employee (including an “owner-employee”) of the Employer who is or may become eligible for benefits under the Plan or Trust named on page 3. The Annuitant under a payment plan will be the Participant or his beneficiary. The Owner will name the Annuitant as provided in the Plan or Trust Agreement. If payment plan benefits under the terms of the Plan or Trust Agreement named on page 3 are to be provided to an Annuitant, the Owner’s request will state: • the name and date of birth of the Annuitant; • the variable or fixed payment plan elected on his behalf; • the amount and date of the first payment to be made under the payment plan; and • any other pertinent information requested by the Company. The Company may limit the election of a payment plan to one that results in payments of at least $20. The Company will determine the amount required to provide the requested benefits. Accumulation Units will be redeemed in accordance with Section 1.3. If benefits are to be paid under a fixed payment plan, the Company will transfer the required amount to its General Account. The Company will issue to the Annuitant a certificate describing his rights and benefits.
Sample 1

Related to BENEFITS TO ANNUITANTS

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Plan Benefits (iii) Subject to your execution of the Release (as defined below), you will become vested in a pro rata portion of any of your unvested restricted stock awards that are outstanding on your Termination Date provided the applicable performance criteria, if any, are met. Such pro rata portion shall be equal to the percentage of the total vesting period, measured in days, in which you remained employed by Tyson multiplied by the number of shares subject to the award. Any award subject to this subsection (iii) shall not be paid until such time as it would otherwise have been paid if under the terms of the award it was subject to performance criteria and will only be paid if any applicable performance criteria are met;

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

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