MANNER OF PAYMENT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT Sample Clauses

MANNER OF PAYMENT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT. In the case where Payments have not started under the Deceased Holder’s Source Contract, your interest in this Inherited NQ Contract must be distributed, before or on the Required Payment Starting Date over your remaining life expectancy period, with such life expectancy determined in Section 7A.03. 2021INHNQ-IE-Z 12 In the case of an [Inbound Exchange Where Payments Have Started], the Inherited NQ Payment Starting Date cannot be later than one year after the date of the last payment from the Source Contract (or the Interim Source Contract from which amounts are exchanged into this Contract, if applicable). The conditions that we need to honor this request are that we must have received all of your contributions and all the required information that we require to begin payments. If you have elected the [Income Edge Beneficiary Advantage] Payment Program, all conditions stated in Section 7B.01 must be met before the requested Inherited NQ Payment Starting Date. If we cannot honor your requested Inherited NQ Payment Starting Date election, due to the conditions of Section 3.03 not being met, we will begin payments to you under the Beneficiary NQ Stretch Option no later than the Required Payment Starting Date. If you die before the entire interest in this Contract has been fully distributed, scheduled payments under this Contract will continue to the person you name as Beneficiary/Successor Owner for the remaining term of your life expectancy. See “Part VI – Payment Upon Death” in this Endorsement. Once Required Payments Under Section 72(s)(2)(B) begin, they must be made at least annually until this Inherited NQ Contract is terminated. See Part V – Withdrawals and Termination” of this Endorsement. We will make the first scheduled Required Payment Under Section 72(s)(2)(B) on the Inherited NQ Payment Starting Date and will make each subsequent scheduled Required Payment Under Section 72(s)(2)(B) on the first day of each Annual Payout Period unless we allow you to, and you elect to receive each scheduled Post-Death Payment Under Section 72(s)(2)(B) in installments on a more frequent basis than annually. If such payment day is not a Business Day, payment will be made on the following Business Day. Payments of the Annuity Benefit Under this Endorsement will vary based on the Annuity Account Value as determined on the Inherited NQ Payment Starting Date and each Inherited NQ Payment Anniversary Date. Any additional withdrawals you take under Section 5.01 will also ...
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Related to MANNER OF PAYMENT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT

  • 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.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • ANNUITY PROVISIONS Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

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