ANNUITY PURCHASE RATE definition

ANNUITY PURCHASE RATE means, effective as of July 1, 1994, (a) the interest rate which would be used by the Pension Benefit Guaranty Corporation as of the first day of the Plan Year of the date of the distribution involved for the purpose of determining the present value of a single sum distribution in connection with the termination of the Plan if the present value of the applicable vested Accrued Benefit (using such rate) does not exceed $25,000, or (b) one hundred twenty percent (120%) of the rate used by the Pension Benefit Guaranty Corporation for that purpose if the present value of the vested Accrued Benefit, as determined in accordance with clause (a) exceeds $25,000, provided that in no event shall the present value of a Participant’s vested Accrued Benefit determined by application of this clause (b) be less than $25,000; provided that the Annuity Purchase Rate with respect to the Accrued Benefit as of such first day of the Plan Year shall not be larger than the Annuity Purchase Rate which would have been computed under the definition of Annuity Purchase Rate in effect immediately prior to July 1, 1994.

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ANNUITY PURCHASE RATE means the dollar amount required by us as of any valuation date to provide an annuity income of $1 as of each payment date. This rate which is specific to the type of annuity, is based on [two assumptions; namely, a mortality basis and] an index rate. [Mortality basis is a measurement scale used to determine the annuitant's life expectancy. We guarantee that the mortality basis (which consists of a mortality table and projection scale) used as of the certificate issue date will not change. The specific mortality basis is [1983 U.S. IAM Basic, Male with U.S. projection scale G, Male.] ] If the annuitant dies, then the annuity purchase rate will be the rate specific to the type of annuity, which reflects the remaining payment(s), if any.

ANNUITY PURCHASE RATE means the present value factor used to convert reserves to a monthly annuity based on the post-retirement discount rate assumption and the life expectancy of the retiree or beneficiary or both the retiree and the beneficiary at retirement under the selected form of payment.

Examples of ANNUITY PURCHASE RATE in a sentence

Limited to a Joint and 100% Survivor Annuity with 10- Year Period Certain o The SETTLEMENT ANNUITY PURCHASE RATE (SAPR) per $1000, which is used at time of annuitization for reinsurance claims settlement shall be equal to the fixed annuity purchase rate that the Cedent would provide to an annuitant in the same class.
The SETTLEMENT ANNUITY PURCHASE RATE (SAPR) per $1000, which is used at time of annuitization for reinsurance claims settlement shall be equal to the fixed annuity purchase rate that the Cedent would provide to an annuitant in the same class.
SAPR is the SETTLEMENT ANNUITY PURCHASE RATE per $1000 which is used at time of annuitization for reinsurance claims settlement and shall be equal to the fixed annuity purchase rate that the Cedent would provide to an annuitant in the same class.
MAPR is the MINIMUM ANNUITY PURCHASE RATE from the GMIB Annuity Table defined in the rider; and .
Limited to a Joint and 100% Survivor Annuity with 10-Year Period Certain - The SETTLEMENT ANNUITY PURCHASE RATE (SAPR) per $1000, which is used at time of annuitization for reinsurance claims settlement shall be equal to the fixed annuity purchase rate that the Cedent would provide to an annuitant in the same class.
MAPR IS the MINIMUM ANNUITY PURCHASE RATE from the GMIB Annuity Table defined in the rider; and .
SAPR IS the SETTLEMENT ANNUITY PURCHASE RATE per $1000 which is used at time of annuitization for reinsurance claims settlement and shall be equal to the fixed annuity purchase rate that the Cedent would provide to an annuitant in the same class.
FIXED ANNUITY PURCHASE RATE TABLE MORTALITY TABLE USED: The rates in the Fixed Annuity Purchase Rate Table are based upon the Annuity 2000 Mortality Table projected using a generational approach with an initial projection of 20 years.

More Definitions of ANNUITY PURCHASE RATE

ANNUITY PURCHASE RATE means the dollar amount required by Us to provide a monthly Income Annuity of $1.00 beginning on the Expected Income Payment Start Date. For a fixed Income Annuity, the rate will be the best available purchase rate MetLife is offering under contracts in the class of business to which this Contract belongs, and will not be less favorable than that specified in Table I of this Contract. For a variable Income Annuity, the rates will be determined using the "Assumed Investment Return" selected by each Annuitant and noted on their Certificate. The mortality basis for variable Income Annuity purchases will not be less favorable than that specified in Table I of this Contract.

ANNUITY PURCHASE RATE means the dollar amount required by us as of any valuation date to provide a flexible annuity income of $1 as of each payment date. This rate, which is specific to the type of annuity, is typically based on two assumptions; namely, a mortality basis, if applicable, and the index rate. Mortality basis is a measurement scale used to determine the annuitant's life expectancy. We guarantee that the mortality basis (which consists of a mortality table and projection scale) used, as of the contract issue date will not change. If the annuitant dies, then the annuity purchase rate will be the rate specific to the type of annuity, which reflects the remaining payment(s), if any. Neither expenses actually incurred nor mortality actually experienced shall adversely affect the dollar amount of variable annuity payments to any annuitant for whom variable annuity payments have commenced. "Basic income payment option B" is an annuity payment option available under this contract that provides a fixed annuity income. You may request and MetLife will provide an example of how a transfer to this annuity option will impact payment amounts under your flexible income payment option A and basic income payment option B. A transfer to basic income payment option B will not result in a lower payment than if you reallocated an equal amount to the fixed payment portion of your flexible income payment option A.

ANNUITY PURCHASE RATE means the present value