SETTLEMENT PHASE. BENEFITS DURING THE The Contract will enter its Settlement Phase if SETTLEMENT PHASE (a) the Contract Value reduces to zero, and
SETTLEMENT PHASE. BENEFITS DURING THE The Contract will enter its Settlement Phase if SETTLEMENT PHASE
(a) the Contract Value reduces to zero, and
(b) there were no unscheduled withdrawals during the Contract Year. When the Contract enters its Settlement Phase the Lifetime Income Benefit will continue, however all other rights and benefits under the Contract, including Death Benefits, will terminate. You will automatically receive settlement payments equal to the LIA each Contract Year of the Settlement Phase during the life of the Annuitant. If the Settlement Phase is entered prior to the Lifetime Income Date, then settlement payments will begin on or after the Lifetime Income Date. The settlement payments will be paid on a scheduled monthly basis under our Systematic Withdrawal Program. If the Annuitant dies during the Settlement Phase, then the Lifetime Income Benefit terminates and no additional settlement payments will be paid.
SETTLEMENT PHASE. The Contract will enter its Settlement Phase if the Contract Value reduces to zero, Withdrawals during the Contract Year do not exceed the LIA, and the Benefit Base is still greater than zero. When the Contract enters its Settlement Phase the Lifetime Income Benefit will continue, however all other rights and benefits under the Contract, including death benefits, will terminate and additional Payments will not be accepted. You will automatically receive settlement payments equal to the LIA each Contract Year of the Settlement Phase during the life of the Annuitant and any co-Annuitant. If the Settlement Phase is entered prior to the Lifetime Income Date, then settlement payments will begin on or after the Lifetime Income Date. The settlement payments will be paid no less frequently than annually. The Lifetime Income Benefit Fee will not be deducted during the Settlement Phase. If the last of the Annuitant and any co-Annuitant dies during the Settlement Phase, then the Lifetime Income Benefit terminates and no additional settlement payments will be paid.
SETTLEMENT PHASE. 8.1 PART 9 - DISTRIBUTIONS AFTER DEATH ...................................... 9.1 PART 10 - ANNUITY PAYMENTS .............................................. 10.1 PART 11 - ANNUITY OPTIONS ............................................... 11.1 PART 12 - GENERAL PROVISIONS ............................................
SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero by means other than an Excess Withdrawal, provided the Benefit Base is greater than zero. Installments continue during the Settlement Phase under the terms of the Contract. Transfer - The reinvestment or exchange of all or a portion of the Covered Fund Value from one Variable Account to another or outside the Contract to another eligible Plan investment option. Valuation Date - A Business Day on which the net asset value of each Variable Account is determined. Valuation Period - The period between successive Valuation Dates. Variable Account - A division of the Variable Annuity-8 Series Account. There is a different Variable Account for each Covered Fund. Variable Annuity-8 Series Account (Separate Account) - A segregated investment account that Great-West established under the laws of Great-West’s state of domicile. The Variable Annuity-8 Series Account is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”) and is divided into sub-accounts that are referred to in the Contract as “Variable Accounts.” Withdrawal Phase - The period of time between the Initial Installment Date and the first calendar day of the Settlement Phase.
SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero by means other than an Excess Withdrawal, provided the Benefit Base is greater than zero. Installments continue during the Settlement Phase under the terms of this Contract. Spouse - An individual legally married under state law; does not include those in domestic partnerships or civil unions not recognized as legal marriages. Transfer - The reinvestment or exchange of all or a portion of a Covered Fund Value from one Variable Account to another to another IRA investment option. Valuation Date - A Business Day on which the net asset value or unit value of each Variable Account is determined. Valuation Period - The period between successive Valuation Dates. Variable Account - A division of the Variable Annuity-8 Series Account. There is a different Variable Account for each Covered Fund. Variable Annuity-8 Series Account (Separate Account) - A segregated investment account that Great-West established under the laws of Great-West’s state of domicile. The Variable Annuity-8 Series Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, (the “1940 Act”) and is divided into sub-accounts that are referred to in this Contract as “Variable Accounts.” Withdrawal Phase - The period of time between the Initial Installment Date and the first day of the Settlement Phase.
SETTLEMENT PHASE. 7.1 PART 8 - DISTRIBUTIONS AFTER DEATH ......................... 8.1 PART 9 - ANNUITY PAYMENTS .................................. 9.1 PART 10 - ANNUITY OPTIONS .................................. 10.1 PART 11 - GENERAL PROVISIONS ............................... 11.1 NATIONAL SPECIFICATIONS PAGE TYPE OF CONTRACT: QUALIFIED CONTRACT DATE: MAY 1, 2009 INITIAL PAYMENT: $ 25,000 CONTRACT NUMBER: 12345 OWNER: JOHN DOE GOVERNING LAW: MI ANNUITANT: XXXX XXE ANNUITANT'S AGE 55 CO-OWNER:
SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero by means other than an Excess Withdrawal, but the Benefit Base is positive. Installments continue under the terms of the Contract.
SETTLEMENT PHASE a. At the settlement meeting, the disputing Executive Committee members will explain their positions, explore options, and seek a mutually acceptable agreement.
b. A neutral facilitator may, upon mutual agreement by the disputing members, facilitate the settlement meeting.
c. Any costs associated with the settlement meeting shall be shared by the disputing parties in a manner agreed upon.
d. If the initial settlement meeting produces no agreement, the parties can proceed to additional settlement meetings or other settlement measures through mutual agreement.
e. The form of settlements reached through this process may include interlocal agreements, concurrent resolutions, memoranda of understanding, regional transportation plan amendments, or other forms as appropriate. Agreements signed by designated representatives may be in the form of recommendation letters to their respective agencies and will be subject to their formal approval. The settlement agreement is not subject to challenge, but the implementing actions may be.
f. After each settlement meeting, the Project Chairman, with the assistance of the Project Manager, will prepare a report to the Executive Committee members that shall, at a minimum, include: • Identification of the issues discussed and copies of any agreements reached. • A list of potentially affected or involved jurisdictions, organizations, groups, or individuals. • A time frame for starting and ending informal negotiations, additional settlement meetings, or joint meetings of elected bodies, as agreed to by the disputing parties. • A written fee allocation agreement to cover any costs of agreed upon conflict resolution procedures, if applicable. • A description of responsibilities and schedules for implementing and enforcing agreements reached. The report shall include any statements that any named party wishes to include.
SETTLEMENT PHASE. The period when the Covered Fund Value has reduced to zero, but the Benefit Base is still positive. Installments continue under the terms of the Group Contract. Transfer – The reinvestment or exchange of all or a portion of the Covered Fund Value to or from a Covered Fund to: (i) another Covered Fund; or (ii) another investment option offered under the IRA. Withdrawal Phase – The period of time between the Initial Installment Date and the first day of the Settlement Phase.
