Withdrawal After Death of Annuitant Sample Clauses

Withdrawal After Death of Annuitant a) If the Annuitant was a Pension Plan Member: If You were a Pension Plan Member and You die before the Locked-In Funds are used to purchase an Annuity We will pay the Locked-In Funds: i) to Your Survivor, if You have a Survivor at the date of death by: A. transferring the Locked-In Funds to a Pension Plan or a plan referred to in 26(5) of the Federal Pension Act; B. transferring the Locked-In Funds to another Restricted LSP or to a Locked-In RSP; C. transferring the Locked-In Funds to a LIF or to a Restricted LIF; or D. using the Locked-In Funds to purchase an Annuity. ii) if paragraph (i) does not apply, to the beneficiary(ies) designated by You in accordance with the RRSP Application Form and the Plan Document; or iii) if paragraph (i) does not apply and You did not designate a beneficiary, to Your estate. Before We make any payment after Your death, We are entitled to receive, in a form acceptable to Us: iv) evidence as to whether or not You had a Survivor at the date of Your death; v) if there was a Survivor on that date, Survivor’s name; and vi) any other documents We may require in accordance with the Plan Document. b) Where Annuitant is a Non-Pension Plan Member: If You are a Non-Pension Plan Member as indicated on the first page of this Agreement, and You die before the Locked-In Funds are used to purchase an Annuity, then subsection 3(a) above does not apply. Instead, We will administer the Locked-In Funds in accordance with the terms of the Plan Document.
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Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting, withdrawing or being paid the balance of this LIF in accordance with section 2 above, the balance of this LIF must be paid: a) to the Annuitant's Spouse (subject to paragraph 5(d) below); or b) if there is no Annuitant's Spouse on the date of the Annuitant's death, to the Annuitant's successors in accordance with the terms of the Declaration of Trust. If paragraph 3(a) applies, the Annuitant's Spouse may (if he/she wishes and if the relevant Tax Act requirements are met), transfer the balance of this LIF to a RRIF, an RRSP or an annuity which is a “retirement income” within the meaning of the Tax Act. Before any payment is made after the Annuitant's death, the Trustee or CIBC Asset Management, acting on behalf of the Trustee, is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant's Spouse on the date of the Annuitant's death, and if so, the identity of the Annuitant's Spouse; and d) any other documents it may require in accordance with the Declaration of Trust. The Annuitant's Spouse may waive his/her right to receive the balance of this LIF, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Asset Management. Such waiver may itself be revoked by the Annuitant's Spouse by way of a written notice addressed to the Trustee and to CIBC Asset Management before the Annuitant's death. The value of this LIF at the time of a transfer, conversion, withdrawal or payment under section 2 or 3 above will be determined as of the close of business on the relevant date as follows: CIBC Asset Management, acting on behalf of the Trustee, will value all property held in the LIF at its market value (as determined by the Trustee or CIBC Asset Management, in accordance with industry standards and using the market prices in its pricing system) and will subtract from that value all amounts deemed by it or its agent in their sole discretion to be chargeable to the LIF at that time. The value of this LIF, as so determined, will be conclusive and binding upon the parties to this Contract, the Annuitant's Spouse and the Annuitant's successors, assigns and personal representatives.
Withdrawal After Death of Annuitant a) If Annuitant was Pension Plan Member: If You are a Pension Plan Member, and You die before the Locked-In Funds are used to purchase an Annuity, We will pay the value of this LIRA as determined in accordance with subsection 4(g): i) to Your Spouse or transfer it to Your Spouse’s RRSP or RRIF in accordance with the Tax Act, if: A. Your Spouse survives You; B. Your Spouse was not living separate and apart from You on the date of Your death; and C. Your Spouse is otherwise not disentitled (i.
Withdrawal After Death of Annuitant a) If the Annuitant was a Pension Plan Member: If You were a Pension Plan Member and You die before the Locked-In Funds are used to purchase an Annuity We will pay the Locked-In Funds: i) to Your Survivor, if You have a Survivor at the date of death by: A. transferring the Locked-In Funds to a Locked-In RSP or to a Restricted LSP; B. transferring the Locked-In Funds to another Restricted LIF or to a LIF; or C. using the Locked-In Funds to purchase an Annuity. ii) if paragraph (i) does not apply, to the beneficiary(ies) designated by You in accordance with the RRIF Application Form and the Plan Document; or iii) if paragraph (i) does not apply and You did not designate a beneficiary, to Your estate. Before We make any payment after Your death, We are entitled to receive, in a form acceptable to Us: iv) evidence as to whether or not You had a Survivor at the date of Your death; v) if there was a Survivor on that date, Survivor’s name; and vi) any other documents We may require in accordance with the Plan Document.
Withdrawal After Death of Annuitant a) If Xxxxxxxxx is Member-Owner: If the Annuitant is a Member-Owner and the Annuitant dies before withdrawing or transferring out the balance of the Prescribed RRIF, We will pay the balance to the extent permitted by the Tax Act and subject to any applicable law of disclaimer: i) if the Annuitant had a Spouse/Common-law Partner at the date of the Annuitant's death, to the Annuitant's surviving Spouse/ Common-law Partner, unless the Annuitant’s Spouse/Common-law Partner has received or is entitled to receive all or any part of the balance of the Prescribed RRIF under an agreement or order under The Family Property Act; ii) if there is no Spouse/Common-law Partner or payment to the Spouse/Common-law Partner (as applicable) under paragraph 4a) i), to the beneficiary(ies) designated by the Annuitant in accordance with the RRIF Agreement, provided that the Annuitant cannot designate a successor annuitant of the Prescribed RRIF; or iii) if there is no Spouse/Common-law Partner or payment to the Spouse/Common-law Partner (as applicable) under paragraph 4a) i), and no valid designation was made by the Annuitant, to the Annuitant's estate in accordance with the RRIF Agreement. b) If Annuitant is Non-Member-Owner: If the Annuitant is a Non-Member and the Annuitant dies before withdrawing or transferring out the balance of the Prescribed RRIF, We will administer the proceeds of the Prescribed RRIF, in accordance with the terms of the RRIF Agreement.
Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting or withdrawing the balance of this LIF in accordance with section 2 above, the balance of this LIF must be paid: a) to the Annuitant's Spouse (subject to paragraph 5(d) below); or b) if there is no Annuitant's Spouse on the date of the Annuitant's death, to the Annuitant's successors in accordance with the terms of the Declaration of Trust. If paragraph 3(a) applies, the Annuitant's Spouse may (if he/she wishes and if the relevant Tax Act requirements are met), transfer the balance of this LIF to a RRIF, an RRSP or an annuity which is a “retirement income” within the meaning of the Tax Act. Before any payment is made after the Annuitant's death, the Trustee or CIBC Investor Services, acting on behalf of the Trustee, is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant's Spouse on the date of the Annuitant's death, and if so, the identity of the Annuitant's Spouse; and d) any other documents it may require in accordance with the Declaration of Trust. The Annuitant's Spouse may waive his/her right to receive the balance of this LIF, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Investor Services. Such waiver may itself be revoked by the Annuitant's Spouse by way of a written notice addressed to the Trustee and to CIBC Investor Services before the Annuitant's death.
Withdrawal After Death of Annuitant 
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Related to Withdrawal After Death of Annuitant

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • ANNUITANT The Annuitant is the person on whose life Annuity Payments are based. The Annuitant is the person designated by you subject to our underwriting rules then in effect. The Annuitant may not be changed in a Contract which is owned by a non-individual.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Death of Participant Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Partial Withdrawals At any time any Holder shall be entitled to request a withdrawal of such portion of the Interest held by such Holder as such Holder shall request.

  • Death of the Participant The Advisory Committee will direct the Trustee, in accordance with this Section 6.01(C), to distribute to the Participant's Beneficiary the Participant's Nonforfeitable Accrued Benefit remaining in the Trust at the time of the Participant's death. Subject to the requirements of Section 6.04, the Advisory Committee will determine the death benefit by reducing the Participant's Nonforfeitable Accrued Benefit by any security interest the Plan has against that Nonforfeitable Accrued Benefit by reason of an outstanding Participant loan. (1) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT DOES NOT EXCEED $3,500. The Advisory Committee, subject to the requirements of Section 6.04, must direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit in a single sum, as soon as administratively practicable following the Participant's death or, if later, the date on which the Advisory Committee receives notification of or otherwise confirms the Participant's death. (2) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT EXCEEDS $3,500. The Advisory Committee will direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit at the time and in the form elected by the Participant or, if applicable by the Beneficiary, as permitted under this Article VI. In the absence of an election, subject to the requirements of Section 6.04, the Advisory Committee will direct the Trustee to distribute the Participant's undistributed Nonforfeitable Accrued Benefit in a lump sum on the first distribution date following the close of the Plan Year in which the Participant's death occurs or, if later, the first distribution date following the date the Advisory Committee receives notification of or otherwise confirms the Participant's death. If the death benefit is payable in full to the Participant's surviving spouse, the surviving spouse, in addition to the distribution options provided in this Section 6.01(C), may elect distribution at any time or in any form (other than a joint and survivor annuity) this Article VI would permit for a Participant.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Withdrawal Conditions; Withdrawal Period 1. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made for payments made prior to the date of this Agreement. 2. The Closing Date is June 30, 2013.

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