One-Time 50 Per Cent Unlocking depending on Age of Contractholder Sample Clauses

One-Time 50 Per Cent Unlocking depending on Age of Contractholder. In Manitoba, the contractholder of at least 55 years of age may apply for a one-time transfer of an amount up to 50% of the balance in one or more of his or her LIFs or his or her pension plan (if permitted), to a registered retirement income fund (RRIF) which is not locked-in. The RRIF must meet the requirements of the applicable pension regulation (“prescribed RRIF”). The request for transfer must be made using the form approved by the applicable pension legislation. In Manitoba, the maximum amount available for such a transfer may be affected by any amount that is payable to a former spouse or common- law partner as required under applicable pension legislation or by any order issued under a garnishment act or family maintenance act. Under federal pension legislation, the contractholder may in the year that he turns 55, or in any subsequent year, request a one- time redemption of 50 per cent of the whole value of the contract associated with the SSQ LIF in accordance with the applicable pension legislation and request that this value be transferred into a tax-deferred plan with no maximum annual withdrawal limit (that is, either an RRSP or an RRIF). Under federal pension legislation, this redemption may only occur upon the creation of an RLIF and must happen within 60 days of the creation of the RLIF. It therefore does not apply existing RLIFs. Under federal pension legislation, the contractholder must provide SSQ an attestation from his eligible spouse indicating that they also assent to this withdrawal. If the contractholder does not have an eligible spouse, he will be required to provide an attestation to this effect. These attestations must comply with the requirements of the applicable pension legislation and must be carried out in accordance with the applicable pension legislation.
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Related to One-Time 50 Per Cent Unlocking depending on Age of Contractholder

  • Loading on Annual Leave During a period of annual leave an employee will receive a loading calculated on the rate of wage prescribed by subclause 7.1.3. The loading shall be as follows:

  • Holiday Falling on a Scheduled Workday‌ A team member who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double-time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double-time and one-half for hours worked, plus a day off in lieu of the holiday. The scheduling of the lieu day shall be in accordance with Appendix 4.

  • Holiday Falling on a Scheduled Workday An employee who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double-time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double-time and one-half for hours worked, plus a day off in lieu of the holiday.

  • Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion - Lower Tier Covered Transactions (a) The prospective lower tier participant certifies, by submission of this proposal, that neither it nor its principals is presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any federal department or agency.

  • When Must Distributions from a Traditional IRA Begin You must begin receiving the assets in your account no later than April 1 following the calendar year in which you reach RMD age.

  • How Are Distributions from a Xxxxxxxxx Education Savings Account Taxed For Federal Income Tax Purposes? Amounts distributed are generally excludable from gross income if they do not exceed the beneficiary’s “qualified higher education expenses” for the year or are rolled over to another Xxxxxxxxx Education Savings Account according to the requirements of Section (4). “Qualified higher education expenses” generally include the cost of tuition, fees, books, supplies, and equipment for enrollment at (i) accredited post-secondary educational institutions offering credit toward a bachelor’s degree, an associate’s degree, a graduate-level or professional degree or another recognized post-secondary credential and (ii) certain vocational schools. In addition, room and board may be covered if the beneficiary is at least a “half-time” student. This amount may be reduced or eliminated by certain scholarships, qualified state tuition programs, HOPE, Lifetime Learning tax credits, proceeds of certain savings bonds, and other amounts paid on the beneficiary’s behalf as well as by any other deductions or credits taken for the same expenses. The definition of “qualified education expenses” includes expenses more frequently and directly related to elementary and secondary school education, including the purchase of computer technology or equipment or Internet access and related services. To the extent payments during the year exceed such amounts, they are partially taxable and partially non-taxable similar to payments received from an annuity. Any taxable portion of a distribution is generally subject to a 10% penalty tax in addition to income tax unless the distribution is (i) due to the death or disability of the beneficiary, (ii) made on account of a scholarship received by the beneficiary, or (iii) is made in a year in which the beneficiary elects the HOPE or Lifetime Learning credit and waives the exclusion from income of the Xxxxxxxxx Education Savings Account distribution. You may be allowed to take both the HOPE or Lifetime Learning credits while simultaneously taking distributions from Xxxxxxxxx Education Savings Accounts. However, you cannot claim a credit for the same educational expenses paid for through Xxxxxxxxx Education Savings Account distributions. To the extent a distribution is taxable, capital gains treatment does not apply to amounts distributed from the account. Similarly, the special five- and ten-year averaging rules for lump-sum distributions do not apply to distributions from a Xxxxxxxxx Education Savings Account. The taxable portion of any distribution is taxed as ordinary income. The IRS does not require withholding on distributions from Xxxxxxxxx Education Savings Accounts.

  • When Must Distributions from a Xxxxxxxxx Education Savings Account Begin? Distribution of a Xxxxxxxxx Education Savings Account must be made (or otherwise will be deemed made) no later than 30 days from the earlier of the beneficiary’s death or attainment of age 30. A distribution from a Xxxxxxxxx Education Savings Account may be rolled over to another beneficiary’s Xxxxxxxxx Education Savings Account according to the requirements of Section (4). Note that the Economic Growth and Tax Relief Reconciliation Act of 2001 waives the distribution age limitation if the beneficiary of the Xxxxxxxxx Education Savings Account is a “Special Needs” student.

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  • Compensation for Holidays Falling on Scheduled Days Off 1. When a holiday falls on a full-time employee's regularly scheduled day off, the employee shall receive eight (8) hours of compensatory time.

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