Calculating the contribution for a Guaranteed Pension Sample Clauses

Calculating the contribution for a Guaranteed Pension. In the case of a Guaranteed Pension, we use (part of) the Investment Pension to a Pension. The participant can ‘click’ his/her Pension once only or periodically, by purchasing a Guaranteed Pension. A Guaranteed Pension provides certainty about the amount of his/her Pension. For this we use the rates table applicable in the year of purchase. This is based on the market conditions in the year of purchase. This means the participant will be affected by better or worse market conditions when he/she retires. In the case of a Guaranteed Pension, the participant/former participant pays a single premium for the pension benefits he/she receives from the retirement date. That single premium includes an interest rate guarantee premium, a surcharge for transfer of accrued benefits risk insurance, and a surcharge for disbursement costs. - We charge the interest rate guarantee premium to be able to guarantee that the Pension is paid out after the retirement date for the rest of the participant’s life. The interest rate guarantee premium is determined annually in December and then applies from 1 January to 31 December of the following year. The interest rate guarantee premium for 2024 has been set at 21.79%. - We charge the surcharge for transfer of accrued benefits risk insurance in order to avoid any additional payment obligation for you as the employer in case of a statutory individual outgoing transfer of accrued benefits. - We charge the surcharge for disbursements to cover the costs for payment of the pensions. You can find the applicable percentages in the ‘Costs, Rates and Assumptions’ annex. Example calculation 3 Guaranteed Pension Let’s assume the participant is 51 and his/her retirement age is 68. The value of his/her Investment Pension is € 100,000.00. He/she wants to transfer € 60,000.00 to Guaranteed Pension. The price of € 1.00 Guaranteed Pension at his/her age is (for example) € 20.50. His/her Investment Pension will be € 100,000.00 minus € 60,000.00 = € 40,000.00. He/she purchases Guaranteed Pension for € 60,000.00 ÷ € 20.50 = € 2,926.83. This means that from his/her retirement date he/she is entitled to € 2,926.83 Pension per year (gross). And if he/she dies after his/her retirement date, his/her partner is entitled to 70% of € 2,926.83 = € 2,048.78 per year. Interest rate guarantee premium When determining our rates for the Guaranteed Pension, for the purposes of calculating the contribution we assume a return of 3% per year for the full period of paym...
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Calculating the contribution for a Guaranteed Pension. In the case of a Guaranteed Pension, we use (part of) the Investment Pension to a Pension. From the age of 15 up to the state pension age, a participant/former participant can ‘click’ his/her Pension once only or periodically, by purchasing a Guaranteed Pension. A Guaranteed Pension provides certainty about the amount of his/her Pension. This means the participant will be affected by better or worse market conditions when he/she retires. Aegon Leven determines the interest rate for such purchases twice a month. As a rule, other costs and principles that affect the rate are adjusted once a year by Aegon Leven. A participant/former participant can request a proposal for a one-off contribution to purchase a Guaranteed Pension. The proposal is valid for two weeks. A participant can also request a proposal can also periodical contributions for a Guaranteed Pension. If the participant agrees to the proposal, Aegon Leven will each month purchase Guaranteed Pension in accordance with the invoice, each time at the rates applying for the relevant month. Costs for individual transfer of accrued benefits of Guaranteed Pension An individual transfer of accrued benefits of a Guaranteed Pension may result in additional costs. This is because of the statutory rules that apply to a transfer of accrued benefits. A statutory incoming transfer of accrued benefits can only be used for an Investment Pension. You can find more information about this in Section 4.10 ‘Transfer of accrued benefits for new participant’ of the Pension Regulations. With a statutory outgoing transfer of accrued benefits of a Guaranteed Pension, we calculate the value of the pension entitlements according to the insurance rate and the rate set by the government. The first outcome is called the commuted value and the second the transfer value. If the commuted value is higher than the transfer value, your former employee will get the transfer value. You will receive the surplus. If the commuted value is lower than the transfer value, you are obliged to make an additional payment to cover the deficit. You only have to cooperate with a statutory transfer of accrued benefits if the additional payment remains below the statutory threshold. If the additional payment needed to cover the deficit exceeds € 15,000.00 and is also more than 10% of the transfer value, then the obligation for you to cooperate with the transfer of accrued benefits lapses completely. You are insured against the financial consequences ar...
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Related to Calculating the contribution for a Guaranteed Pension

  • Can I Roll Over or Transfer Amounts from Other IRAs or Employer Plans If properly executed, you are allowed to roll over a distribution from one Traditional IRA to another without tax penalty. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax-free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional IRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional IRA. In the event of your death, the designated beneficiary of your 401(k) Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional IRA from the plan administrator prior to receiving your distribution.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court, you are allowed to roll over up to 90 percent of the proceeds to your Traditional IRA, within 180 days after receipt of such amount, or by a later date if extended by federal law. If you make such a rollover contribution, you may exclude the amount rolled over from your gross income in the taxable year in which the airline settlement payment was paid to you. If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute? Prior to the due date (including extensions) for filing your tax return, you may elect to “recharacterize” amounts that you contributed to an IRA during the year by making a recharacterization of the contributed amount and earnings. Thus, for example, if you contribute amounts to a Xxxx XXX and later determine that you are ineligible to make a Xxxx XXX contribution for the year, you may at any time prior to the tax return due date for the year (including extensions) make a recharacterization of the contributions and earnings to a Traditional IRA.

  • Saver’s Credit for IRA Contributions A credit of up to $1,000, or up to $2,000 if married filing jointly, may be available to certain taxpayers having a joint AGI of less than $65,000 in 2020, or $66,000 in 2021. The credit may also be available to certain taxpayers who are heads of household with an AGI of less than $48,750 in 2020, $49,500 in 2021, or married individuals filing separately and singles with an AGI less than $32,500 in 2020, or $33,000 in 2021. Some of the restrictions that apply include: • the individual must be at least 18; • not a full-time student; • not declared as a dependent on another taxpayer’s return; or • any distribution from most retirement plans (qualified and non-qualified) will decrease the eligible contribution.

  • Distributions; Xxxxxx Xxx Guaranty On or before each Determination Date (or as soon thereafter as is reasonably practicable), Xxxxxx Mae shall calculate the Lower Tier Distribution Amount for the current calendar month. On each Distribution Date, Xxxxxx Xxx shall withdraw from the Certificate Account the portion of the Lower Tier Distribution Amount distributable thereon and shall make the distributions to the Holders of the related Lower Tier Regular Classes in the respective amounts and in the applicable manner determined pursuant to Section 2.02. In the event that the amount on deposit in the Certificate Account on any Distribution Date shall be less than the applicable portion of the Lower Tier Distribution Amount distributable thereon, Xxxxxx Mae shall provide from its own funds the amount of any such insufficiency. In addition, in the event that (i) the applicable portion of the Lower Tier Distribution Amount shall be insufficient to pay all interest due and payable on the related Lower Tier Regular Classes on such Distribution Date or (ii) such Distribution Date is a Final Distribution Date for any Class and the distribution on such Distribution Date of the applicable portion of the Lower Tier Distribution Amount will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then Xxxxxx Xxx shall (a) withdraw from the Certificate Account, such amount as shall be necessary to remedy such insufficiency and (b) to the extent that funds in the Certificate Account shall be insufficient therefor, apply its own funds towards remedying the same.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • Retirement and Pension Account A retirement or pension account maintained in Singapore that satisfies the following requirements under the laws of Singapore.

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