Joint and Survivor Pension Sample Clauses

Joint and Survivor Pension. A Member who retires with an eligible spouse shall receive a joint and survivor pension unless the Member and spouse deliver to the Plan Administrator a written waiver of such entitlement, in the prescribed form and within the twelve month period immediately preceding retirement. Unless the joint and survivor pension is waived, the Member's lifetime pension shall be reduced by 10% and, upon the Member's death, his/her eligible surviving spouse shall receive a pension equal to 60% of the lifetime pension being paid to the Member immediately prior to his/her death and shall continue throughout the remaining lifetime of the spouse. Further, the lifetime pension shall be subject to actuarial reduction to the extent the spouse is more than 10 years younger than the Member.
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Joint and Survivor Pension. Reduced pension payable to the participant at 95% for life and continuing for the life of the designated surviving spouse at 60% of the benefit received by the retired participant.
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Joint and Survivor Pension. If the contractholder has an eligible spouse on the date that pension payments commence, the pension to be paid following conversion of the value of the contract associated with the SSQ LRIF to an annuity must be for a joint and survivor pension, that is a pension established based on the life of the contractholder and on the life of the eligible spouse, according to applicable pension legislation. The joint and survivor pension may also be designated as being a “joint pension” or a “survivor pension” according to applicable pension legislation. The eligible spouse may waive entitlement to the joint and survivor pension in accordance with applicable pension legislation and as explained in greater detail under the particularities provided hereafter.
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Joint and Survivor Pension. With the exception of Alberta, if the contractholder has an eligible spouse on the date that pension payments commence, the pension to be paid following conversion of the value of the contract associated with the SSQ LIF to an annuity must be for a joint and survivor pension, that is a pension established based on the life of the contractholder and on the life of the eligible spouse, according to applicable pension legislation. The joint and survivor pension may also be designated as being a “joint pension” or a “survivor pension” according to applicable pension legislation. The eligible spouse may waive entitlement to the joint and survivor pension in accordance with applicable pension legislation and as explained in greater detail under the particularities provided hereafter. In Alberta, if the contractholder is the original owner of the asset in the SSQ LIF and has an eligible spouse on the date that pension payments commence, then that spouse must be designated as the beneficiary of any death benefit provided by the annuity resulting from the conversion of the value of the contract associated with the SSQ LIF unless the contractholder has provided SSQ with the waiver of sole designated beneficiary rights from the eligible spouse.
Sample 1
Joint and Survivor Pension. A Member who retires with an eligible spouse shall receive a joint and survivor pension unless the Member and spouse deliver to the Plan administrator a written waiver of such entitlement, in the prescribed form and within the 90 day period immediately preceding retirement. Unless the joint and survivor pension is waived, the Member’s lifetime pension shall be reduced by 5%, and, upon the Member’s death, their spouse shall receive a pension equal to 60% of the lifetime pension being paid to the Member immediately prior to their death. Further, the lifetime pension shall be actuarially reduced to the extent the spouse is more than 10 years younger than the Member.
Sample 1
Joint and Survivor Pension. A member with an eligible spouse who takes Normal, Special Early, 85 Point, Disability, or Early Retirement on or after January 1, 1997, shall receive a Joint and Survivor pension unless the persons entitled to the Joint and Survivor Pension deliver to the Plan Administrator a written waiver of such entitlement in the prescribed form within the period of twelve months immediately preceding the commencement of payment of the pension benefit Unless waived, the member’s accrued pension and lifetime supplement, if any, shall be reduced by 10% during his lifetime. Upon his death, his eligible surviving spouse shall receive a pension of 60% of the members reduced accrued Pension and lifetime supplement, If any, (subject to actuarial reduction If
Sample 1

Related to Joint and Survivor Pension

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • 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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