Later Annuity Commencement Date Sample Clauses

Later Annuity Commencement Date. A Deferred Covered Life who continues in employment with the Employer beyond his or her unchanged Annuity Commencement Date cannot receive Annuity Payments on his or her unchanged Annuity Commencement Date. Instead, such Deferred Covered Life will receive Annuity Payments when his or her Annuity Commencement Date is changed to a later date. Subject to the last sentence of this paragraph, the later Annuity Commencement Date will be the earlier of (a) the first day of any month following a request from the Deferred Covered Life to commence Annuity Payments, subject to a valid election pursuant to Section 3.4 and provided he or she incurred a Separation From Service prior to the requested later Annuity Commencement Date and (b) the Required Beginning Date. The amount of the Annuity Payment payable on the later Annuity Commencement Date will equal the Covered Life Amount multiplied by the appropriate conversion factor determined from the Tables of this Contract. Such Deferred Covered Life will not receive any Annuity Payments during the period beginning on the unchanged Annuity Commencement Date and ending on the day prior to the later Annuity Commencement Date. In the event such Deferred Covered Life dies prior to the determination of a later Annuity Commencement Date, his or her Annuity Payments will be cancelled and nothing will be payable in respect of such Deferred Covered Life under this Contract unless a Pre-Retirement Survivor Annuity described in Section 3.9 applies. If there is a delay in commencing the Deferred Covered Life’s payments on his or her Required Beginning Date, Prudential will owe Annuity Payments retroactive to his or her Required Beginning Date. The amount of the Deferred Covered Life’s Annuity Payment will be equal to the amount that would have been payable had payments actually commenced on the Required Beginning Date. The Deferred Covered Life will also receive a one-time make-up payment to reflect any missed Annuity Payments for the period from the Required Beginning Date to the date of the actual make-up payment, credited with interest from the intended payment dates until the date of such make-up payment using an annual interest rate of [ ]%. If a Deferred Covered Life incurred a Separation From Service before his or her unchanged Annuity Commencement Date and has not elected an earlier Annuity Commencement Date, Prudential will owe Annuity Payments beginning on his or her unchanged Annuity Commencement Date. Such Deferred Covere...