Income Benefit. 10 Benefit Determination Date and Benefit Commencement Date..................10
Income Benefit. Monthly benefits equivalent to 66-2/3% of the individual’s base salary as defined by the salary schedule, subject to a maximum benefit of $4,000 per month, less any amounts as offsets for which the employee may also be eligible under (1) Workers’ Compensation; (2) Other employer sponsored sick leave or disability plans; (3) State or Federal disability plans; (4) Social Security benefits including dependent benefits; and (5) Regular, early, or disability retirement benefits provided by the district, State or Federal government
Income Benefit. The Wage Replacement Percentage shall be Twenty-Two Percent (22%). Such percentage represents the lesser of: (i) Two Percent (2%), multiplied by the Projected Years of Service earned by the Executive as of the date of his Benefit Age, or (ii) Twenty-Two Percent (22%).
Income Benefit. The Income Benefit is automatically included in your Contract for an additional rider fee. You can remove it from your Contract on or after the third Index Anniversary and before Income Payments begin if your Contract Value is positive. If you remove the Income Benefit you will have paid for the benefit without receiving any of its advantages. The Income Benefit provides for guaranteed lifetime Income Payments until annuitization based on a percentage of your Contract Value. If you request Income Payments, your Contract will enter the Income Period (which is part of the Accumulation Phase). If you do not take Income Payments, your Contract will not have an Income Period, and you will have paid for the benefit without receiving any of its advantages. Unlike the Annuity Phase, the Income Benefit allows access to your Contract Value and your selected death benefit after Income Payments begin while both the Contract Value and Guaranteed Death Benefit Value are positive. Income Payments are subject to the Daily Adjustment if taken other than on a Term End Date. However, the Daily Adjustment for the Index Protection Strategy with Trigger and Index Protection Strategy with Cap cannot be negative. The Income Benefit also includes the Income Multiplier Benefit for no additional charge, which, if you qualify, can increase the annual maximum Income Payment after the required wait period to help pay for care if you should need it. The Income Multiplier Benefit is not available in all states as indicated in Appendix E.
Income Benefit. For information on the terms used to determine your Income Payments, please see the Income Benefit Supplement.
Income Benefit. The Income Benefit is automatically included in your Contract at issue, but you can remove it after three years if Income Payments have not begun. If you remove the Income Benefit you will have paid for the benefit without receiving any of its advantages. It provides guaranteed lifetime Income Payments based on a percentage of your Contract Value until annuitization. Once the Income Payment waiting period has expired, Income Payments can begin as early as age 50 or as late as age 100. Unlike Annuity Payments, the Income Benefit allows access to your Contract Value and death benefit for a period of time after Income Payments begin. However, once Income Payments begin only the Index Options with the Index Protection Strategy with Trigger and Index Protection Strategy with Cap are available to you. If you have Contract Value in any of the Index Options with the Index Precision Strategy, Index Guard Strategy, or Index Performance Strategy, you must transfer this Contract Value to the Index Options with the Index Protection Strategy with Trigger or Index Protection Strategy with Cap when you request Income Payments. The Income Benefit has a rider fee as discussed in the Fee Tables, and section 6, Expenses. The Income Benefit also includes the Income Multiplier Benefit for no additional charge, which can increase the annual maximum Income Payment after the required wait period to help pay for care if you should need it.
Income Benefit. 35-41 Definition ................................... 11
Income Benefit. On the date that the Executive and the Bank mutually agree on the calculation of the Pre-Tax Net Income Benefit (the "Determination Date"), the Executive shall have a right to the Pre-Tax Net Income Benefit as provided in this Agreement.
Income Benefit. 33. Payment of the Income Benefit. Your Contract Accumulation can be used to provide an Income Benefit guaranteed by TIAA’s General Account. No Income Benefit is available from the Separate Account. The Income Benefit will be paid to you, the Owner. If you die while any Income Benefit payments remain due, the Beneficiary will become the Owner. The new Owner will receive the Income Benefit and may name or change the Beneficiary as described in Section 56.
34. The Amount of the Income Benefit as of the Annuity Starting Date will be determined by:
A) the amount of your Contract Accumulation;
B) the Rate Schedule or Schedules under which Premiums were credited to your Contract and the Rate Schedule or Schedules under which any Additional Interest was credited to your Fixed Account Accumulation;
C) the Income Option you choose;
D) the Annuitant’s age, if you choose an Income Option that pays a lifetime income; and
E) the Second Annuitant’s age, if you choose one of the Two-Life Annuity Options. If the Income Benefit would be less than $100 a month, TIAA will have the right to change to quarterly, semi-annual or annual payments, whichever will result in payments of $100 or more and the shortest interval between payments.
Income Benefit. Payment of the Income Benefit. Your Contract Accumulation can be used to provide an Income Benefit guaranteed by TIAA’s General Account. No Income Benefit is available from the Separate Account. The Income Benefit will be paid to you, the Owner. If you die while any Income Benefit payments remain due, the Beneficiary will become the Owner. The new Owner will receive the Income Benefit and may name or change the Beneficiary as described in Section 56.
