PAYMENT OF ANNUITY BENEFITS Sample Clauses

PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date") or such later date as specified in such section or regulations. Your entire interest may be distributed, as you elect over (a) the life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. Notwithstanding the above paragraphs and the following paragraphs of this Section 3.05, while any distribution shall be subject to such requirements of the Code and regulations, any distribution shall also be subject to the terms of this Contract. That is, the forms of distribution shall be those which are made available by us at the time of your election. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless you otherwise elect prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which you attain age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one fo...
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PAYMENT OF ANNUITY BENEFITS. 11 3.06 - Special Annuity and Spousal Consent Provisions...................14
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PAYMENT OF ANNUITY BENEFITS. Evidence of each payee’s survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. Upon election of an annuity form providing payments for a period certain, the Owner may designate (with the right to change such designation) a person or persons to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee’s death, if the absence of such a designation would result in a single sum payment to such payee’s executors or administrators in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee’s executors or administrators the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate that equated the amount applied at annuitization to the present value of annuity payments We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. Any election, change, revocation or designation shall be made, and will take effect, in the same manner as a change of Beneficiary. If a commutation right under an Annuity Benefit is exercised, we may defer payment in accordance with the terms of this Certificate.
Sample 1
PAYMENT OF ANNUITY BENEFITS. 12 PART IV - GENERAL PROVISIONS Section 4.01 - Contract...............................................14 4.02 - Statutory Compliance ..................................14 4.03 - Beneficiary ...........................................14 4.04 - Future Contributions ..................................14 4.05 - Deferment .............................................14 4.06 - Annual Notice..........................................14 4.07 - Assignments ...........................................15 4.08 - Age and Sex ...........................................15 No. 92NQCB Page 2 PART I - DEFINITIONS
Sample 1
PAYMENT OF ANNUITY BENEFITS. Equitable will require satisfactory evidence of the age of any person upon whose life continued payment under an annuity form depends. Evidence of each payee's survival must be furnished to Equitable either by personal endorsement of the check drawn for payment or by other means satisfactory to Equitable. If a benefit payment under the Contract was based on information that is subsequently found to be incorrect, such benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments under a Fixed Annuity Benefit, the number of Annuity Units under a Variable Annuity Benefit, or any amount used to provide the benefit, or any combination thereof. The amount of the overpayments by Equitable will be charged against and the amount of the underpayments will be added to any payments thereafter falling due under the Contract with respect to the payee.
Sample 1
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder no later than the first day of April following the calendar year in which you attain age 70 and 6 months ("Required Beginning Date"). Your entire interest may be distributed, as you elect, over (a) your life, or the lives of you and your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designed benefi-
Sample 1
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder no later than the first day of April following the calendar year in which you attain age 70 and 6 months ("Required Beginning Date"). Your entire interest may be distributed, as you elect, over (a) your life, or the lives of you and your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In
Sample 1
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PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed, no later than the first day of April following the calendar year in which you attain age 70 years and 6 months ("Required Beginning Date"). Your entire interest may be distributed, as you elect, over (a) the life, or the lives of you and or your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designated beneficiary. Distributions
Sample 1
PAYMENT OF ANNUITY BENEFITS. Equitable will require satisfactory evidence of the age of any person upon whose life continued payment under an annuity form depends. Evidence of each payee's survival must be furnished to Equitable either by personal endorsement of the check drawn for payment or by other means satisfactory to Equitable. If a benefit payment under the Contract was based on information that is subsequently found to be incorrect, such benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments under a Fixed Annuity Benefit, the number of Annuity Units under a Variable Annuity Benefit, or any amount used to provide the benefit, or any combination thereof. The amount of the overpayments by Equitable will be charged against and the amount of the underpayments will be added to any payments thereafter falling due under the Contract with respect to the payee. The liability of Equitable with respect to a payee is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under the Contract. If Equitable receives evidence satisfactory to it that (a) a payee entitled to receive any payment under the Contract is physically or mentally incompetent to receive such payment or is a minor, (b) another person or an institution is then maintaining or has custody of such payee, and (c) no guardian, committee, or other representative of the estate of such payee has been appointed, Equitable may, unless the Plan provides to the contrary, make the payments to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If the amount to be applied hereunder is less than $3,500, Equitable may pay the amount to the payee in a single sum instead of applying it to provide an Annuity Benefit. Equitable will notify the payee under a Variable Annuity Benefit of the number of Annuity Units and the Average Annuity Unit Value used in determining the amount of each variable payment. Any election, change, revocation or designation shall be made, and will take effect, in the same manner as a change of beneficiary.
Sample 1

Related to PAYMENT OF ANNUITY BENEFITS

  • 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.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

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

  • 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.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

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