RRIF Sample Clauses

RRIF. A registered retirement income fund, as defined in the Tax Act.
Sample 1
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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. LIrA, Locked-in rSP, rLSP, LrIF, LIF, PrIF or rLIF 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. TFSA 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 t...
Sample 1

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.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • 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 Section 1 - Eligibility Regular full-time and regular part-time employees who are on staff January 1, 1979 or who join the staff following this date shall, upon completion of the three-month probationary period, become members of the Group Life Insurance Plan as a condition of employment.

  • Annuity Plan Teachers will be eligible to participate in a "tax sheltered " Annuity Plan established pursuant to United States Public Law No. 87-370. Annuity deductions shall be made on a semi-monthly basis.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.

  • RETIREMENT PICK-UP 257. For the term of this Agreement, the CITY shall pick up the full amount of the employees’ contribution to retirement.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Gratuity Plan 10.11.1 Gratuity credits are based on the calendar year. For the purposes of accumulating gratuity credits, the year will be divided into four (4) distinct periods: • 1 January to 31 March • 1 April to 30 June • 1 July to 30 September • 1 October to 31 December All dates are inclusive.

  • 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.

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