Qualified Joint and 50% Survivor Annuity Sample Clauses

Qualified Joint and 50% Survivor Annuity. The term “Qualified Joint and 50% Survivor Annuity” shall mean an annuity for the life of the Participant with a survivor annuity for the life of the spouse of the Participant to whom he is married at his Benefit Commencement Date, which is 50% of the amount of the annuity payable during the joint lives of the Participant and the Participant's spouse and which is the actuarial equivalent of a single life annuity for the life of the Participant.
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Qualified Joint and 50% Survivor Annuity. (a) Notwithstanding anything in Sections 2 through 5 of this Article to the contrary, if a Participant is married on his Benefit Commencement Date, such benefit shall be paid in the form of a Qualified Joint and 50% Survivor Annuity, unless after receiving a written explanation of the terms and conditions of such Qualified Joint and 50% Survivor Annuity and the effect of not receiving same, the Participant elects a single life annuity or some other form of benefit permitted in accordance with Section 8 of this Article. Such Qualified Joint and 50% Survivor Annuity shall be actuarial equivalent (as determined in Article IV, Section 16) of the Normal, Early, Late or Disability Pension (or the benefit described in Article IV, Section 4(b)), whichever is applicable, and shall commence at the time the applicable Pension (or benefit) would have commenced.
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Qualified Joint and 50% Survivor Annuity. (a) Notwithstanding anything in Sections 2 through 5 of Article V to the contrary, if a Participant is married on his Benefit Commencement Date, such benefit shall be paid in the form of a Qualified Joint and 50% Survivor Annuity, unless after receiving a written explanation of the terms and conditions of such Qualified Joint and 50% Survivor Annuity and the effect of not receiving same, the Participant elects a single life annuity or some other form of benefit permitted in accordance with Section 3 of this Article. The monthly benefit provided by such Qualified Joint and 50% Survivor Annuity shall be the monthly amount provided by the annuity purchased under Article VI, Section 1.
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Qualified Joint and 50% Survivor Annuity. The term “Qualified Joint and 50% Survivor Annuity” shall mean an annuity for the life of the Participant with a survivor annuity for the life of the spouse of the Participant to whom he is married at his Benefit Commencement Date, which is 50% of the amount of the annuity payable during the joint lives of the 40 Section AMENDED – Amendment XXXIII, February 28, 2001, retroactively effective December 26, 1999. Restated 1993 Trust Agreement (Inclusive of Amendments I through CX) Participant and the Participant's spouse and which is the actuarial equivalent of a single life annuity for the life of the Participant.
Sample 1
Qualified Joint and 50% Survivor Annuity. (a) Notwithstanding anything in Sections 2 through 5 of Article V to the contrary, if a Participant is married on his Benefit Commencement Date, such benefit shall be paid in the form of a Qualified Joint and 50% Survivor Annuity, unless after receiving a written explanation of the terms and conditions of such Qualified Joint and 50% Survivor Annuity and the effect of not receiving same, the Participant elects a single life annuity or some other form of benefit permitted in accordance with Section 3 of this Article. The monthly benefit provided by such Qualified Joint and 50% Survivor Annuity shall be the monthly amount provided by the annuity purchased under Article VI, Section 1. 112 AMENDED – Amendment XXXXII, October 23, 2002, retroactively effective January 1, 2002. AMENDED – Amendment XXXXIII, December 18, 2002, effective January 1, 2003. 1993 Restated Trust Agreement (Inclusive of Amendments I through XCIII) 113(b) The Directors upon receiving notice of a Participant's Benefit Commencement Date shall send each married Participant a written explanation of the terms and conditions of such Qualified Joint and 50% Survivor Annuity and of such Participant's right to elect some other form of benefit prior to the Benefit Commencement Date. Any such election of some other form of benefit and rejection of the Joint and 50% Survivor Annuity made under this Section 2, shall be signed by the Participant and consented to by the Participant's spouse. The spouse's consent described in the preceding sentence shall acknowledge the effect of the election and be witnessed by a plan representative or notary public. Notwithstanding the foregoing, spousal consent shall be unnecessary if it is established (to the satisfaction of a Plan representative) that there is no spouse or if the required consent cannot be obtained because the spouse cannot be located or because of other circumstances prescribed by Treasury Regulations. Any such election (and consent) may be made, revoked and/or remade only during the one hundred eighty day period prior to the Benefit Commencement Date. For purposes of this subsection (b) only, the Benefit Commencement Date of a Participant entitled to a Disability Pension shall be the first day such payments commence. 114(c) The written explanation described in Section 2(a) must be provided to the Participant no less than 30 days and no more than 180 days prior to the Benefit Commencement Date (determined as the date payments commence for a Particip...
Sample 1
Qualified Joint and 50% Survivor Annuity 
Sample 1

Related to Qualified Joint and 50% Survivor Annuity

  • 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.

  • Domestic Partners; Spouses; Gender Discrimination If the Contract Amount is $100,000 or more, Contractor certifies that it is in compliance with PCC 10295.3, which places limitations on contracts with contractors who discriminate in the provision of benefits regarding marital or domestic partner status.

  • Tax Sheltered Annuity Voluntary adjunct employee salary reductions for Internal Revenue Code Section 403(b) tax-sheltered annuities and 457(b) deferred compensation shall be available to adjunct employees covered by this Agreement. Contracts shall be arranged individually through the Office of the Executive Vice President for Finance and Administrative Services or designee subject to regulation by the College.

  • 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.

  • Survivor’s Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Tax Sheltered Annuities The SPS shall continue to comply with the law(s) regarding Tax Sheltered Annuities.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

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