Joint and 100% Survivor Annuity Sample Clauses

Joint and 100% Survivor Annuity. With this option, your monthly benefit is smaller than the amount you would receive under the single life annuity. Your monthly benefit is reduced because your retirement must cover two lifetimes - yours and your beneficiary’s. After your death, your beneficiary will receive 100% of your monthly benefit amount for the remainder of their life.
Sample 1Sample 2
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Joint and 100% Survivor Annuity. Female Age Male Age --- -------- 50 55 60 65 70 75 -- -- -- -- -- -- 50 3.57 3.65 3.72 3.76 3.80 3.82 55 3.71 3.83 3.94 4.02 4.08 4.13 60 3.83 4.01 4.17 4.31 4.42 4.50 65 3.94 4.17 4.41 4.64 4.83 4.98 70 4.02 4.31 4.63 4.96 5.28 5.54 75 4.09 4.42 4.82 5.27 5.74 6.19
Sample 1
Joint and 100% Survivor Annuity. If the Executive is lawfully married at the time payment of benefits hereunder commences, the Executive may elect to receive payment of benefits in the form of a joint and 100% survivor annuity. The joint and 100% survivor annuity shall provide, at the election of the Executive, monthly, quarterly or annual payments to the Executive during his life with the provision that after his death, 100% of the periodic benefit will continue during the life of, and will be paid to, the person who was the Executive’s spouse on the date payments hereunder began. The Executive’s benefit will be actuarially adjusted for the survivor coverage based on the projected incremental value of the coverage over the value of the survivor coverage under a joint and 50% survivor annuity if the Executive’s spouse were exactly five years younger than the Executive. The actuarial adjustment shall be based on the 1983 Group Annuity Mortality Table and an interest rate of 7.5%.
Sample 1
Joint and 100% Survivor Annuity. A Joint and 100% Survivor Annuity which is an annuity for the Executive’s life, with a survivor annuity for the life of his Spouse, if his Spouse survives him, in an amount which is the Equivalent Actuarial Value of the single life annuity for the life of the Executive. Under such an annuity, the Executive shall receive monthly payments beginning on the first day of the month following his Separation from Service or Disability and ending with the month in which he dies, and his surviving Spouse shall receive monthly payments beginning on the first day of the month following his death and ending with the month in which such Spouse dies; or
Sample 1

Related to Joint and 100% Survivor Annuity

  • 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.

  • 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.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • 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.

  • Survivors Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • Domestic Partners; Spouses; Gender Discrimination If the Contract Amount is $100,000 or more, Contractor certifies that it is in compliance with PCC 10295.3, which places limitations on contracts with contractors who discriminate in the provision of benefits regarding marital or domestic partner status.

  • 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.

  • Spousal Coverage Any new Participants to the COG, after June 30, 2015, with working spouses who have the ability to be covered under an insurance plan through his/her place of employment, will be required to take his/her plan as their primary plan. This provision does not apply to a participant who had insurance with one COG employer and immediately thereafter, moved to another COG employer. If the spouse is required to pay forty (40%) percent or more of the premium with his/her employer, the requirements of this section shall not apply.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • 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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