Treatment of Annuities in Determining Eligibility Sample Clauses

Treatment of Annuities in Determining Eligibility. 1. In addition to the requirement for DOM to be named as a remainder beneficiary, an annuity purchased by or on behalf of an annuitant who has applied for medical assistance with respect to nursing facility or other long-term care services will not be treated as a transfer of assets if purchased within the five (5) year look back period or counted as a resource if certain conditions are met which are described below. 2. The annuity meets one of the following conditions: a) It is an individual retirement annuity according to (b) or (q) of section 408 of the Internal Revenue Code of 1986 (IRC), or, b) The annuity is purchased with proceeds from an account or trust described in subsection (a), (c) or (p) of section 408 of the IRC, or, c) The annuity is purchased with proceeds from a simplified employee pension within the meaning of section 408 of the IRC, or, d) The annuity is purchased with the proceeds from a Xxxx XXX described in section 408A of the IRC. 3. The purchase of an annuity not described in F.2. above will be considered a transfer of assets unless it meets all of the following requirements for every month in which eligibility is being considered: a) The annuity is irrevocable and non-assignable; and, b) The annuity is actuarially sound, meaning it will return the full investment including principal and interest within the annuitant’s life expectancy as outlined in Rule 6.5. c) The annuity is providing payments in approximately equal amounts of principal and interest with no deferred or balloon payments; and, d) The annuity is issued by a business licensed and approved to issue commercial annuities in the state in which the annuity was purchased. 4. The purchase of a single-premium life insurance policy, endowment policy or similar instrument which has no cash value, and for which the individual receives no valuable consideration will be considered a transfer of assets if purchased within the five (5) year look back period. 5. To determine that an annuity is established under any of the various provisions of the Internal Revenue Code referenced above and/or meets all of the conditions required to be excluded from a transfer of assets penalty or counted as a resource, rely on verification from the financial institution, employer or employer association that issued the annuity. The burden of proof is on the individual or representative to produce needed documentation. The individual or representative must produce the annuity contract in order to eva...
Sample 1
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Treatment of Annuities in Determining Eligibility. 1. In addition to the requirement for DOM to be named as a remainder beneficiary, an annuity purchased by or on behalf of an annuitant who has applied for medical assistance with respect to nursing facility or other long-term care services will not be treated as a transfer of assets if purchased within the five (5) year look back period or counted as a resource if certain conditions are met which are described below.
Sample 1
Treatment of Annuities in Determining Eligibility. 1. An annuity purchased by or on behalf of an annuitant who has applied for medical assistance with respect to nursing facility or other long-term care services will not be treated as a transfer of assets for less than fair market value if the annuity meets the following conditions: a) The annuity is considered either: 1) An individual retirement annuity (according to Section 408(b) of the Internal Revenue Code of 1986 (IRC); or 2) A deemed Individual Retirement Account (IRA) under a qualified employer plan (according to Section 408(q) of the IRC); b) The annuity is purchased with proceeds from one of the following: 1) A traditional IRA (IRC Sec. 408a); or 2) Certain accounts or trusts which are treated as traditional IRAs ( IRC Sec. 408 § (c)); or 3) A simplified retirement account (IRC Sec. 408 § (p)); or 4) A simplified employee pension (IRC Sec. 408 § (k)); or 5) A Xxxx XXX (IRC Sec. 408A). c) The annuity meets all of the following requirements for every month eligibility is being considered; d) The annuity is irrevocable and non-assignable; and e) The annuity is actuarially sound; and
Sample 1

Related to Treatment of Annuities in Determining Eligibility

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • TAX LIMITATION ELIGIBILITY In order to be eligible and entitled to receive the value limitation identified in Section 2.4 for the Qualified Property identified in Article III, the Applicant shall: A. have completed the Applicant’s Qualified Investment in the amount of Ten Million Dollars ($10,000,000) during the Qualifying Time Period; B. have created and maintained, subject to the provisions of Section 313.0276 of the TEXAS TAX CODE, New Qualifying Jobs as required by the Act; and C. pay an average weekly wage of at least $678.25 for all New Non-Qualifying Jobs created by the Applicant.

  • Determination of Eligibility The Plan Administrator shall determine the eligibility of each Employee for participation in the Plan based upon information provided by the Employer. Such determination shall be conclusive and binding on all individuals except as otherwise provided herein or by operation of law.

  • Special Eligibility The following employees also receive an Employer Contribution:

  • Certification of eligibility a. By entering into this contract, the contractor certifies that neither it (nor he or she) nor any person or firm who has an interest in the contractor's firm is a person or firm ineligible to be awarded Government contracts by virtue of section 3(a) of the Xxxxx-Xxxxx Act or 29 CFR 5.12(a)(1). b. No part of this contract shall be subcontracted to any person or firm ineligible for award of a Government contract by virtue of section 3(a) of the Xxxxx-Xxxxx Act or 29 CFR 5.12(a)(1).

  • Funding Eligibility Contractor understands, acknowledges, and agrees that, pursuant to Chapter 2272 (eff. Sept. 1, 2021, Ch. 2273) of the Texas Government Code, except as exempted under that Chapter, HHSC cannot contract with an abortion provider or an affiliate of an abortion provider. Contractor certifies that it is not ineligible to contract with HHSC under the terms of Chapter 2272 (eff. Sept. 1, 2021, Ch. 2273) of the Texas Government Code.

  • Contribution Eligibility You are eligible to make a regular contribution to your Xxxx XXX, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your Xxxx XXX contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.

  • REQUIREMENT ON ELIGIBILITY AND REGISTRATION OF E-BIDDERS 1.1. Any interested party who intend to participate in the online public auction ("E-Bidders") auction can register as a user by logging onto PAH Website 1.2. To participate in the online public auction, the party shall: a) be an individual: 18 years and above, of sound mind and not a bankrupt; b) be a corporate body: incorporated under the laws of Malaysia and must not be in liquidation and be able to take, fulfil and perform all necessary actions, conditions and matters (including obtaining any necessary consents) in terms of law to enable E-bidders to participate in the public auction and complete the purchase in the event of successful bid. 1.3. To register as a user, a party is required to submit/upload the following documents through PAH Website: a) Individual: Photocopy of NRIC/Passport b) Corporate: i) Memorandum and Articles of Association/Constitution of company ii) Board of Directors Resolution iii) Form 24, Form 44, From 49 or equivalent under companies Act 2016 or other applicable laws and a duly signed Board of Director's Resolution. 1.4. E-Bidders eligibility requirements are also subject to the existing Federal and State legal provisions. Foreign nationals or companies are also advised to take note of restrictions applicable on foreign purchase imposed by the relevant authorities. 1.5. E-Bidders only need to register once with true, current and accurate information provided and this registration can be applied for future auctions on PAH Website. 1.6. E-bidders are responsible to identify the property correctly and to ensure that all the details and description are correct and accurate before bidding. 1.7. It is the sole and absolute responsibility of all intending E-Bidders and at the E-Bidders' own costs and expenses, seek and obtain from the Developer and/or the relevant authorities or bodies, all confirmations and/or consents as may be required or as may be applicable in respect of the purchase of the Property and to satisfy themselves on the physical condition of the Property and all matters in connection with the Property prior to the bidding(including and not limited to verifying the identity, particulars, state and condition of the Property and the terms of the conditions and restrictions affecting the Property if any, whether or not the Property is reserved for Bumiputera or Malay Reserved only and/or is a low cost property, and matters relating to the ownership and transfer of the Property, the status of the separate document of title to the Property and its particulars, the liabilities including amounts of outstanding service or maintenance charges owing and other obligations pertaining to the Property and the E-bidders' eligibility and qualification to purchase the Property). E-Bidders shall be deemed to have full knowledge of all of the matters aforesaid. The Auctioneer,the Assignee/Bank, the Assignee/Bank's solicitors, PAH website and their respective agents or servants do not in any way make representation or warranty in respect of any of the aforesaid and shall not in any way be responsible or liable to the E-Bidders in respect of any of the aforesaid. 1.8. The registration of an individual or company as an E-Bidder on the PAH website shall not be construed as approval of eligibility of the intended bidder to conclude the auction sale.

  • Dependent Eligibility For all programs covered in this article, eligible dependents are an employee’s lawful spouse or domestic partner (as defined by Section 297 of the California Family Code), and unmarried children (natural, step, adopted, legal guardianship, and/or xxxxxx) of the employee or domestic partner, who are qualified IRS dependents of the employee or domestic partner, up to twenty-three (23) years of age. Disabled dependents may be able to continue coverage beyond the limiting age if the disability occurred while the dependent was covered under a County-sponsored medical plan or prior to the dependent’s 19th birthday, and is certified by a licensed physician.

  • S-3 Eligibility (i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instruction I.B.1 of Form S-3.

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