rrIF Sample Clauses

rrIF. If the Contract is issued as a RRIF and the Owner dies before Annuity Payments have commenced, then the Owner’s spouse or common-law partner, if named as the sole beneficiary, may continue to receive the periodic payments permitted under the Income Tax Act and exercise full ownership rights under the Contract, in which event no Death Benefit will be paid at that time in respect of any Class. If, in addition to the circumstances described above, the Two-Life Income Stream applies to the Contract, the surviving spouse or common-law partner will be deemed to have made the election described above, in which event no Death Benefit will be paid at that time in respect of any Class. See Section 13.20 for additional information. In all other circumstances, the Death Benefit will be paid in accordance with the Contract, following receipt by us of the applicable documentation. If the Contract is issued as a LIRA, Locked-in RSP, RLSP, LRIF, LIF, PRIF or RLIF and the Owner dies before the Contract Maturity Date, the Death Benefit must comply with the requirements of an RRSP or RRIF, as applicable, described above and applicable pension legislation which generally requires the payment of the Death Benefit to the Owner’s surviving spouse or common-law partner. If the Contract is issued as a TFSA, then the Owner’s spouse or common- law partner, if named as the sole beneficiary, may elect to exercise full ownership rights under the Contract, in which event no Death Benefit will be paid at that time in respect of any Class. If, in addition to the circumstances described above, the Two-Life Income Stream applies to the Contract, the surviving spouse or common-law partner will be deemed to have made the election described above, in which event no Death Benefit will be paid at that time in respect of any Class. See Section 13.20 for additional information. If Annuity Payments have commenced and the Planholder dies before 120 Annuity Payments are made in accordance with Section 8.1 of the Contract, the remainder of the Annuity Payments may be made to the Owner’s spouse or common-law partner, if they are named as sole beneficiary. However, if the Owner’s spouse or common-law partner is named as sole beneficiary, he or she may request that the commuted value of the remainder of the Annuity Payments be made in one lump sum. If Annuity Payments have become payable under Section 8.1 of the Contract and the beneficiary is not the Owner’s spouse or common-law partner, the Death Benef...
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rrIF. A registered retirement income fund, as defined in the Tax Act.
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Related to rrIF

  • RRSP 19.01 A full-time employee who has worked continuously for 3001 hours shall be eligible to qualify for a maximum RRSP contribution payment by the Company of two (2%) percent of the employee’s annual gross earnings. To qualify, an employee must contribute to a RRSP fund and verify payment to the Company prior to February 1st, the amount paid to an RRSP fund at a financial institution. The Company will match the employee’s contribution which in no event will exceed a maximum contribution of two (2%) percent of the employee’s gross earnings in the previous calendar year. Such opportunity will be deemed waived if not exercised by February 1st of the following calendar year.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Group Life Insurance Plan Eligibility

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

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