Life Expectancy Factor Sample Clauses

Life Expectancy Factor. The factor is either the single life or joint life expectancy, as elected by the Owner on the Participant's behalf, based on tables in Code Section 401 (a) (9) or related regulations. The joint life expectancy factor can only be elected based on the joint life expectancy of the Participant and his or her spouse, and such spouse must be named as the beneficiary of any death benefits under the Plan while ECO is in effect. If joint life expectancy is elected and the Participant or spouse dies, payments will be based on the survivor's life expectancy. If single life expectancy is elected and the Participant dies, or if joint life expectancy is elected and the survivor dies, the life expectancy is reduced to zero in the year following the year of death. The full Current Value must be distributed not later than December 31 following the year of death, or as may be otherwise required by Internal Revenue Service (IRS) regulations. If joint life expectancy is elected, any changes in the beneficiary designation under the Plan must be immediately communicated to Aetna so that subsequent distributions can be calculated as required by IRS regulations.
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
Life Expectancy Factor. The factor for the initial distribution year is either the single life or joint life expectancy, as elected by the Owner on the Participant's behalf, based on tables in Code Section 401 (a)(9) or related regulations. With each subsequent year, the life expectancy will be the Participant's life expectancy factor (single or joint) for the initial distribution year, reduced by one. The joint life expectancy factor can only be elected based on the joint life expectancy of the Participant and his or her spouse, and such spouse must be named as the beneficiary of any death benefits under the Plan while SWO is in effect. If the joint life expectancy factor is elected and the Participant or spouse dies, the joint life expectancy factor will continue to be reduced by one for each distribution year. Payments upon the Participant's death will continue in the manner previously elected under (1), unless the Owner elects an alternate payment mode on behalf of the Plan beneficiary. Any mode elected must provide payments to be made at least as rapidly as those made prior to the Participant's death. If joint life expectancy is elected, any changes in the beneficiary designation under the Plan must be immediately communicated to Aetna so that subsequent distributions can be calculated as required by IRS regulations.
Sample 1Sample 2Sample 3
Life Expectancy Factor. For the Participant, the life expectancy factor for the initial distribution year is either single life or joint life expectancy as elected by 38 38 the Participant, based on tables in Section 401(a)(9) of the Code or related regulations. For a spouse Beneficiary, only a single life expectancy is available. With each subsequent year, the life expectancy factor will be the life expectancy factor for the initial distribution year, reduced by one. These calculations may be changed as necessary to comply with the Code minimum distribution rules. If the joint life expectancy is selected and the Participant or the Beneficiary dies on or after the required beginning date for minimum distributions to the Participant, the joint life expectancy factor will continue to be reduced by one for each distribution year. Payments will continue unless the survivor elects an alternate payment mode. Any payment mode elected by the Beneficiary must provide payments to be made at least as rapidly as those made prior to the Participant's death. If the Participant dies before the required beginning date for minimum distributions, SWO payments will cease and the Beneficiary may claim the death benefit in accordance with the terms of this Contract. If the Beneficiary is not the Participant's spouse, the entire death benefit must be either applied to an Annuity option within one (1) year of the Participant's death, or be paid within five (5) years of the Participant's death. If the Beneficiary is the Participant's spouse, the distribution is not required to begin earlier than when the Participant would have attained age 70 1/2.
Sample 1

Related to Life Expectancy Factor

  • Life Expectancy Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

  • Interest Factor With respect to this Floating Rate Note, accrued interest is calculated by multiplying the principal amount of such Note by an accrued interest factor. The accrued interest factor is computed by adding the interest factor calculated for each day in the particular Interest Reset Period. The interest factor for each day will be computed by dividing the interest rate applicable to such day by 360, in the case of a Floating Rate Note as to which the CD Rate, the Commercial Paper Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis, or by the actual number of days in the year, in the case of a Floating Rate Note as to which the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis. In the case of a series of Notes that bear interest at floating rates as to which the Constant Maturity Swap Rate is the Interest Rate Basis, the interest factor for each day will be computed by dividing the number of days in the interest period by 360 (the number of days to be calculated on the base is of a year of 360 days with twelve 30-day months (unless (i) the last day of the interest period is the 31st day of a month but the first day of the interest period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of the interest period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)). The interest factor for a Floating Rate Note as to which the interest rate is calculated with reference to two or more Interest Rate Bases will be calculated in each period in the same manner as if only the applicable Interest Rate Basis specified above applied.

  • 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.

  • 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.

  • NET INVESTMENT FACTOR The Net Investment Factor for any Subaccount as of the end of any Valuation Period is determined by dividing (1) by (2) and subtracting (3) from the result, where:

  • 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.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • 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.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!