Death Benefit Settlement Options Sample Clauses

Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below:
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Death Benefit Settlement Options. The following rules are applicable to the death benefit settlement options set forth below: (a) Any election or change of a settlement option shall take effect as of the date the Notice of such election or change was signed whether or not the Participant or Beneficiary is living at the time of its receipt. (b) The annuitant and joint annuitant under the settlement options must be a natural person. (c) If the Company is issuing a single premium immediate annuity on the date payments begin. the Company shall: (i) determine if the current purchase rates are more favorable than the rates shown in Table B of Section 9 of this Contract; and (ii) use the more favorable rates in purchasing the settlement option under this Contact. (d) Subject to the requirements of this section and if acceptable to the Company, the entity electing a specific settlement option under this Contract may elect a different period certain and/or a different percentage under settlement options (B), (C) and (D). (e) Once payments have commenced under any settlement option, no changes other than for changes made by the Beneficiary as to the individual or entity designated to receive payments in the event of the Beneficiary’s death are permitted. (f) If at any age the same monthly annuity payment is paid for different periods certain under either settlement option (B) or settlement option (D), the Company shall deem an election to have been made for the longest period certain which could have been elected for such age, amount and type of annuity. The following death benefit settlement options are available under this Contract: (A) NON-REFUND LIFE ANNUITY. The Company shall make monthly payments during the Beneficiary’s lifetime. Upon the Beneficiary’s death no additional benefits shall be paid. Table C of Section 9 of this Contract shows the monthly annuity based on each $1,000 applied under a Non-Refund Life Annuity.
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Death Benefit Settlement Options. If the death benefit is payable upon either the death of the Contract Owner or the Annuitant before the Annuity Date, the Beneficiary may elect one of the following settlement options (as permitted by IRS regulations). The Beneficiary has one year from the Contract Owner’s death or 60 days from the death of an Annuitant other than the Contract Owner to make an election. Death Benefit Settlement Options:
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Death Benefit Settlement Options. If the death benefit is paid upon either the death of the Contract Owner or the Annuitant before the Annuity Date, the Beneficiary must elect a settlement option that complies with any applicable Internal Revenue Code regulations and requirements.
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Death Benefit Settlement Options. The death benefit may be paid in a single lump sum. The payment will generally be made within 7 days of receipt of the necessary forms and other required documents.
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Related to Death Benefit Settlement Options

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof: (i) by check payable to the order of the Company; or (ii) delivery of an irrevocable and unconditional undertaking, satisfactory in form and substance to the Company, by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Optionee to the Company of a copy of irrevocable and unconditional instructions, satisfactory in form and substance to the Company, to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; or (iii) subject to Section 7(b) below, if the Common Stock is then traded on a national securities exchange or on the Nasdaq National Market (or successor trading system), by delivery of shares of Common Stock having a fair market value equal as of the date of exercise to the option price. In the case of (iii) above, fair market value as of the date of exercise shall be determined as of the last business day for which such prices or quotes are available prior to the date of exercise and shall mean (i) the last reported sale price (on that date) of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the Nasdaq National Market (or successor trading system), if the Common Stock is not then traded on a national securities exchange.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • 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.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Benefit Options Employees must elect a plan administrator and primary care clinic. Those elections will determine the Benefit Level through Advantage. Enrolled dependents must elect a primary care clinic that is available through the plan administrator chosen by the employee.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • 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.

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