Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive (a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 percent share for the former spouse, the base $13,220. If the former spouse qualifies for ...

Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive § 19.10–2 Reduced annuity with reg- ular survivor annuity to spouse or former spouse. (a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 perc...

Full annuity. The Supplemental Retirement Benefit shall be payable in monthly installments as described in Section 2.2 of the SERP Agreement.

Related to Full annuity

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.
Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17
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.
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 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.
Tax Sheltered Annuity Voluntary adjunct employee salary reductions for Internal Revenue Code Section 403(b) tax-sheltered annuities and 457(b) deferred compensation shall be available to adjunct employees covered by this Agreement. Contracts shall be arranged individually through the Office of the Executive Vice President for Finance and Administrative Services or designee subject to regulation by the College.
ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.
ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:
ANNUITY PAYMENTS If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living on the Maturity Date, we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. However, requests for periodic payments other than monthly, quarterly, semi-annually or annually require our consent. If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. You may elect any of the Annuity Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If you do not elect an Annuity Plan by the Maturity Date, payments, calculated based on the oldest Annuitant's life, will be made to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. IU-IA-3089 Your election of an Annuity Plan is subject to the following additional terms and conditions: (1) If you do not direct us otherwise, Annuity Payments will be paid to you.
Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

Full annuity Sample Clauses

Filter & Search

Related Clauses

Parent Clauses

Sub-Clauses

Related to Full annuity