ELECTION OF ANNUITY OPTION Sample Clauses

ELECTION OF ANNUITY OPTION. The Contract Owner or the Participant may elect to have Annuity Payments made under any of the Annuity Payment Options described in Section 6.05, provided such election is received in writing by Minnesota Mutual at its Home Office at least 30 days prior to the Annuity Commencement Date. If no such election is received by Minnesota Mutual, Annuity Payments will be made in accordance with Option 2A, a life income with a period certain of 120 months.
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ELECTION OF ANNUITY OPTION. The Annuity Option is chosen by you or your Beneficiary in a form satisfactory to us. We will automatically send you information about Annuity Options before your Annuity Date. If you do not choose an Annuity Option, make a full withdrawal, or ask us to continue the Contract by the Annuity Date, we will automatically pay you under Option 1- Life Annuity with Ten (10) Years of Annuity Payments Guaranteed. You may make, change, or revoke your Annuity Option choice before the death benefit becomes payable or the Annuity Date, whichever occurs first. You may choose to receive Annuity Payments monthly, quarterly, semi-annually, or annually. The following Annuity Options, or any other options acceptable to you and us, may be chosen:
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ELECTION OF ANNUITY OPTION. A Participant eligible to receive a distribution under the Code or a Beneficiary of a deceased Participant may notify LL&A in writing in a form acceptable to LL&A that the Participant or the Beneficiary is electing to convert all or part of the Participant's Account balance or Death Benefit to an annuity option available under this Contract. Upon being notified of such an election, LL&A shall calculate the amount to be converted to an annuity as either the Participant's Account balance, or a portion thereof, or the Death Benefit as of the initial Annuity Payment Calculation Date, as appropriate, less the charge for premium taxes, if any. If the Participant's Account balance or the Beneficiary's Death Benefit is less than two thousand dollars ($2,000) or if the amount of the first scheduled payment is less than twenty dollars ($20), LL&A may, at its option, cancel the annuity and pay the Participant or Beneficiary his entire Account balance or Death Benefit in a lump sum.
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ELECTION OF ANNUITY OPTION. After the first Contract Anniversary You may elect by Written Request, any one of the Annuity Options described below or any annuity option then being offered by Us. The Annuity Option cannot be changed on or after the Annuity Commencement Date. If You do not make an election, Annuity Payments will be made under Option 1 (Life Annuity with Cash Refund). Some of the Annuity Options may not be available if this Contract is issued to qualify under Section 408 of the Internal Revenue Code. Annuity Option 3 (Life Annuity with 10 Years of Annuity Payments Guaranteed), Option 5 (Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed) and Option 6 (Guaranteed Payment Period) will be available only if the guaranteed payment period is not greater than the life expectancy of the Annuitant at the time the option becomes effective. Such life expectancy will be computed under applicable Internal Revenue Service tables. The Annuity Benefits at the time of their commencement will not be less than those that would be provided by the application of the Surrender Value to the purchase of a single premium immediate annuity contract at purchase rates offered by the Company at the time to the same class of annuitants.
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ELECTION OF ANNUITY OPTION. The Contract Owner may elect to have the Termination Value, without deduction for any contingent deferred sales charge, applied on the Annuity Commencement Date under any one of the annuity options described below except the fifth option or under any of the settlement options then being offered by the Company. The Termination Value is determined on the basis of the Accumulation Unit value of each Sub-Account and the value of the Fixed Account no later than the fifth Valuation Day preceding the date annuity payments are to commence. DATE OF PAYMENT The first payment under any option shall be made on the fifteenth day of the month immediately following approval of claim for settlement. Subsequent payments shall be made on the fifteenth day of each subsequent month in accordance with the manner of payment selected. DEATH OF THE ANNUITANT In the event of the death of the Annuitant while receiving annuity payments, the present value of any remaining payments will be paid in one sum to the Beneficiary unless other provisions shall have been made and approved by the Company. If the Annuitant was also the Contract Owner, any method of distribution must provide that any amount payable as a death benefit will be distributed at least as rapidly as under the method of distribution in effect at the Contract Owner's death. In the case of the Separate Account calculations, for such present value of the remaining payments the Company will assume a net investment rate of 5% per annum. The Annuity Unit value on the date of receipt of Due Proof of Death shall be used for the purpose of determining such present value. In the case of the General Account the net investment rate assumed will be the rate used by the Company to determine the amount of each certain payment. ALLOCATION OF ANNUITY The person electing an annuity option may further elect to have the value of the contract applied to provide a variable annuity, a fixed dollar annuity or a combination of both. Once every 3 months, following the commencement of annuity payments, the Contract Owner may elect, in writing, to transfer among any Sub-Account(s) on which variable annuity payments are based. No transfers may be made between the Sub-Accounts and the General Account. If no election is made to the contrary, the value of each Sub-Account shall be applied to provide a variable annuity based thereon, and the value of the Fixed Account shall be applied to provide a fixed dollar annuity. VARIABLE ANNUITY AND FIXED DOLLAR...
Sample 1
ELECTION OF ANNUITY OPTION. The Annuity Commencement Date may be the first day of any month before or including the month of a Participant’s 90th birthday, or such earlier date as applicable laws shall prescribe, but in the absence of a written election to the contrary, the Annuity Commencement Date shall be the first day of the month coincident with or next following the Participant’s 90th birthday. Provision is made for both variable and fixed dollar annuity payments. The Contract Owner may elect to have the Withdrawal Value of the Participant’s Account applied on the Annuity Commencement Date under one of the annuity options described in Section 4(g), but in the absence of such election, the Withdrawal Value of the Participant’s Account will be applied, on the Annuity Commencement Date, under the Second Option in Section 4(g), to provide a life annuity with 120 monthly payments certain. The Withdrawal Value of the Participant’s Account for that portion invested in a Separate Account is determined on the basis of the value of such account as of the fifth Valuation Day preceding the Annuity Commencement Date, less any Premium Tax not previously deducted. If elected by the Contract Owner, and agreed to by the Company, participant account values under a Related Contract may be transferred to this Contract for the purpose of effecting an annuity under one of the annuity options described below. Election of any of these options, including any election for an earlier Annuity Commencement Date, must be made by notice in writing to the Office of the Company in Hartford, Connecticut at least 30 days prior to the date such election is to become effective.
Sample 1
ELECTION OF ANNUITY OPTION. The Contract Owner may elect to have the Termination Value, without deduction for any contingent deferred sales charge, applied on the Annuity Commencement Date under any one of the annuity options described below except the fifth option or under any of the settlement options then being offered by the Company. The Termination Value is determined on the basis of the Accumulation Unit value of each Sub-Account and the value of the Fixed Account no later than the fifth Valuation Day preceding the date annuity payments are to commence. DATE OF PAYMENT The first payment under any option shall be made on the fifteenth day of the month immediately following approval of claim for settlement. Subsequent payments shall be made on the fifteenth day of each subsequent month in accordance with the manner of payment selected.
Sample 1
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ELECTION OF ANNUITY OPTION. The Annuity Commencement Date may be the first day of any month before or including the month of a Participant's [90th] birthday, or such earlier date as applicable laws shall prescribe, but in the absence of a written election to the contrary, the Annuity Commencement Date shall be the first day of the month coincident with or next following the Participant's [90th] birthday. Provision is made for [both variable and fixed dollar] annuity payments. The Contract Owner may elect to have the Withdrawal Value of the Participant's Account applied on the Annuity Commencement Date under one of the annuity options described in [Section 4(g)], but in the absence of such election, the Withdrawal Value of the Participant's Account will be applied, on the Annuity Commencement Date, under the Second Option in [Section 4(g)], to provide a life annuity with 120 monthly payments certain. [The Withdrawal Value of the Participant's Account for that portion invested in a Separate Account is determined on the basis of the value of such account as of the fifth Valuation Day preceding the Annuity Commencement Date, less any Premium Tax not previously deducted.] [If elected by the Contract Owner, and agreed to by the Company, participant account values under a Related Contract may be transferred to this Contract for the purpose of effecting an annuity under one of the annuity options described below.] Election of any of these options, including any election for an earlier Annuity Commencement Date, must be made by notice in writing to the Office of the Company in Hartford, Connecticut at least [30 days] prior to the date such election is to become effective.
Sample 1

Related to ELECTION OF ANNUITY OPTION

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

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • 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.

  • 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 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

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