Redemption of Annuity Sample Clauses

Redemption of Annuity. In Ontario and according to federal pension legislation, in the case of the unexpired period of a guaranteed life annuity, deferred or immediate, constituted with the redemption value of an SSQ LIRA, the contractholder may surrender or commute a benefit provided under the annuity only for the purpose of purchasing an LIF in accordance with applicable pension legislation, or carry out the redemption in the manner prescribed under this same legislation. In Ontario, the financial institution from which the annuity was purchased must disclose to the contractholder the difference between the redemption value of the annuity and the amount that will be transferred to the LIF, in the manner prescribed under applicable pension legislation. Any operation carried out in violation of these requirements is null and void. In Ontario and according to federal pension legislation, in the case of the unexpired period of a guaranteed life annuity, deferred or immediate, constituted with the redemption value of an SSQ LIRA, the eligible surviving spouse, where applicable, may surrender or commute the benefit provided under the annuity during the spouse’s lifetime in the manner prescribed under applicable pension legislation. Any operation carried out in violation of these requirements is null and void. In Quebec, if a physician certifies in writing to SSQ that due to a physical or mental disability the life expectancy of the contractholder is reduced, the contractholder may replace all or part of his deferred annuity by a lump sum payment or a series of payments; that payment, or as the case may be, the sum of those payments must at least equal the discounted value of the pension or of the part thereof replaced, in accordance with applicable pension legislation.
Sample 1
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Related to Redemption of Annuity

  • 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.

  • Accumulation of Annual Leave A. During the first three (3) years of employment, a regular or limited term employee shall earn approximately five (5) hours and fifty-one (51) minutes of annual leave during each eighty (80) hour pay period (approximately one hundred fifty-two [152] hours per year), or a prorated amount for any pay period in which the employee is paid for less than eighty (80) hours.

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • 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.

  • Repayment of Qualified Birth or Adoption Distribution If you have taken a qualified birth or adoption distribution, you may generally repay all or a portion of the aggregate amount of such distribution to an IRA, as permitted by the IRS. For further information, you may wish to obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), by visiting xxx.xxx.xxx on the Internet.

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

  • Calculation of Annual Leave Pay Annual leave shall be paid at the employee’s ordinary weekly wage rate for ordinary hours for the period of annual leave (excluding shift allowances and weekend payments but including leading hand allowance); plus an amount equal to 17.5% of the amount

  • Calculation of Service 25.7 For purposes of calculating continuous service and active service, a year shall be deemed to consist of two hundred and sixty-one (261) working days.

  • Withholding for unpaid wages and liquidated damages The FHWA or the contacting agency shall upon its own action or upon written request of an authorized representative of the Department of Labor withhold or cause to be withheld, from any moneys payable on account of work performed by the contractor or subcontractor under any such contract or any other Federal contract with the same prime contractor, or any other federally-assisted contract subject to the Contract Work Hours and Safety Standards Act, which is held by the same prime contractor, such sums as may be determined to be necessary to satisfy any liabilities of such contractor or subcontractor for unpaid wages and liquidated damages as provided in the clause set forth in paragraph (2.) of this section.

  • Termination of Account We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks or drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate an individual account by giving written notice. We reserve the right to require the consent of all owners to terminate a joint account. We are not responsible for payment of any check, draft, withdrawal, transaction, or other item after your account is terminated; however, if we pay an item after termination, you agree to reimburse us.

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