ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS Sample Clauses

ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. As of your Retirement Date, provided you are then living, the Annuity Account Value shall be applied to provide the Normal Form of Annuity Benefit, unless you elect (i) to receive the Cash Value of this Contract in a single sum or (ii) to apply the Annuity Account Value or Cash Value, whichever is applicable pursuant to the first paragraph of Section 3.04, to provide an Annuity Benefit on any other form offered by us, or one of our affiliated or subsidiary life insurance companies, as elected by you, or (iii) to take partial withdrawals in amounts and at times as required by the Code and, pursuant to Sections 2.07 and 3.05, subject to our rules then in effect and any other applicable requirements under the Code. We will provide notice and election forms to you not more than six months before your Retirement Date. If you elect to terminate this Contract, prior to the Retirement Date, pursuant to Section 2.06, an election may be made to receive an Annuity Benefit in lieu of the Cash Value. We will have the right to require you to furnish pertinent information to provide an Annuity Benefit and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof. The applicable Annuity Benefit will be provided pursuant to Sections 3.04 and 3.05. We may offer annuity forms other than the Life Annuity Form or Joint and Survivor Life Annuity Form, issued by us or one of our affiliated or subsidiary life insurance companies.
Sample 1See All (11)
AutoNDA by SimpleDocs
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. As of the Annuitant's Retirement Date, provided the Annuitant is then living, the Annuitant's Annuity Value shall be applied to provide an Annuity Benefit on the Normal Form, unless the Annuitant elects as of such Retirement Date to (i) terminate the Contract and receive the Cash Value of the Annuitant's Accounts as a single sum pursuant to Section 3.10, (ii) have payments made under the periodic distribution option described in Section 4.04, (iii) have another form of Annuity Benefit provided pursuant to Section 4.03 or, (iv) subject to AXA Equitable's rules then in effect, any other annuity form or combination of forms or withdrawal option offered by AXA Equitable or have any combination of the three preceding options.
Sample 1Sample 2Sample 3See All (5)
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. As of your Retirement Date, provided you are then living, the Annuity Account value shall be applied to provide the Normal Form of Annuity Benefit, unless you elect (i) to receive the Cash Value of this Contract in a single sum or (ii) to apply the Annuity Account Value or Cash Value, whichever is applicable pursuant to the first paragraph of Section 3.04, to provide an Annuity Benefit on any other form offered by us, or one of our affiliated or subsidiary life insurance companies, as elected by you, or (iii) to take partial withdrawals in amounts and at times as required by the Code, pursuant to Sections 2.07 and 3.05, subject to our rules then in effect and any other applicable requirements under the Code. We will provide notice and election forms to you not more than six months before your Retirement Date. If you elect to terminate this Contract prior to the Retirement Date, pursuant to Section 2.06, an election may be made to receive an Annuity Benefit in lieu of the Cash Value. We will have the right to require you to furnish pertinent information to provide an Annuity Benefit and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof. The applicable Annuity Benefit will be provided pursuant to Sections 3.04 and 3.05. We may offer annuity forms other than the Life Annuity Form or Joint and Survivor Life Annuity Form, issued by us or one of our affiliated or subsidiary life insurance companies.
Sample 1
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. As of a Participant's Retirement Date, provided such Participant is then living, the Participant's Account Balance shall be applied to provide an Annuity Benefit on the Normal Form, unless such Participant elects (i) to receive the Participant's Account Balance either in a single sum or under the periodic distribution option described in Section 4.04, or (ii) to apply such Participant's Account Balance to provide an Annuity Benefit pursuant to Section 4.03 on any other annuity form offered by Equitable subject to Equitable's rules then in effect and any applicable requirements under the Internal Revenue Code, provided that any other annuity form shall provide that the entire interest of the Participant will be distributed in equal or substantially equal payments over the life of the Participant and the Participant's spouse or over a period not extending beyond the life expectancy of the Participant or the joint and last survivor expectancy of the Participant and the Participant's spouse, as of the date annuity payments are to commence. Notwithstanding anything to the contrary in the preceding paragraph, Equitable reserves the right to pay the Participant's Account Balance to the Participant in a single sum in lieu of providing an Annuity Benefit if less than $2000 would be applied to provide the Annuity Benefit or less than $20 per month would be payable under the Annuity Benefit or periodic distribution option. Equitable will provide appropriate notice and election forms to a Participant not more than six months before such Participant's Retirement Date. ANNUITY BENEFITS--(cont'd) Equitable will have the right to require the Participant to furnish pertinent facts and determinations to provide an Annuity Benefit, and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof.
Sample 1
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. Subject to the terms of the Plan, including the spousal consent and survivor rules described in Section 3.06, as of your Retirement Date, provided you are then living, the Annuity Account Value less any outstanding loan shall be applied to provide the Normal Form of Annuity Benefit, unless an election is made (i) to receive the Cash Value of this Contract in a single sum, (ii) to apply the Annuity Account Value, (less any outstanding loan as set forth in Section 2.10) or Cash Value, whichever is applicable pursuant to the first paragraph of Section 3.04, to provide an Annuity Benefit on any other form offered by us or one of our affiliated or subsidiary life insurance companies, or (iii) to take partial withdrawals in amounts and at times as required by the minimum distribution rules of Section 401(a)(9) of the Code and applicable Treasury Regulations, pursuant to Section 3.05, subject to our rules then in effect and any other applicable requirements under the Code.
Sample 1
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. Subject to the terms of the Plan, including the spousal consent and survivor rules described in Section 3.06, as of your Retirement Date, provided you are then living, the Annuity Account Value less any outstanding loan shall be applied to provide the Normal Form of Annuity Benefit, unless an election is made (i) to receive the Cash Value of this Contract in a single sum, (ii) to apply the Annuity Account Value, (less any outstanding loan as set forth in Section 2.10) or Cash Value, whichever is applicable pursuant to the first paragraph of Section 3.04, to provide an Annuity Benefit on any other form offered by us or one of our affiliated or subsidiary life insurance companies, or (iii) to take partial withdrawals in amounts and at times as required by the minimum distribution rules of Section 401(a)(9) of the Code and applicable Treasury Regulations, pursuant to Section 3.05, subject to our rules then in effect and any other applicable requirements under the Code. We will provide notice and election forms to the Owner not more than six months before your Retirement Date. If an election is made to terminate this Contract pursuant to Section 2.06, an election may be made to receive an Annuity Benefit in lieu of the Cash Value. We will have the right to require pertinent information to provide an Annuity Benefit, and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof. The applicable Annuity Benefit will be provided pursuant to Sections 3.04 and 3.05. We may offer annuity forms other than the Life Annuity Form or Joint and Survivor Life Annuity Form issued by us or one of our affiliated or subsidiary life insurance companies.
Sample 1
ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS. As of your Retirement Date, provided the Annuitant is then living, the Annuity Account Value shall be applied to provide the Normal Form of Annuity Benefit, unless you elect to receive the Cash Value in a single sum, subject to our rules then in effect and any other applicable requirements under the Code. Notice and election forms will be provided to you not more than six months prior to the Retirement Date. (On your prior written request we will also provide notice and election forms directly to the Annuitant). If you elect prior to the Annuitant's Retirement Date to terminate this Contract pursuant to Section 2.06, an election may be made to receive an Annuity Benefit in lieu of the Cash Value. If your Plan permits and you provide us written instructions to do so in advance of payment, we will make payment of the Cash Value, Annuity Benefits or partial withdrawals directly to the Annuitant, Substituted Beneficiary or other payee designated by you. We will have the right to require you to furnish pertinent facts and determinations to provide an Annuity Benefit, and will be fully protected in relying on such information and need not inquire as to the accuracy or completeness thereof. The applicable Annuity Benefit will be provided pursuant to Sections 3.03 and 3.04.
Sample 1
AutoNDA by SimpleDocs

Related to ELECTION AND COMMENCEMENT OF ANNUITY BENEFITS

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

  • Commencement of Benefits (a) Unless the Participant elects otherwise, distribution of benefits will begin no later than the sixtieth day after the close of the Plan Year in which the latest of the following events occurs:

  • Death Prior to Commencement of Benefit Payments In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to his Normal Retirement Age, the Plan Sponsor will pay the Accrued Benefit in fifteen (15) equal annual installments to the Participant's Beneficiary. The payments shall commence to be paid on the first day of the second month following the month in which the Participant dies.

  • 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.

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

  • 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.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • 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.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

Time is Money Join Law Insider Premium to draft better contracts faster.