Certain and Life Annuity definition

Certain and Life Annuity means a monthly benefit that is the Actuarial Equivalent of a Participant’s Single Life Annuity and that is payable during the Participant’s lifetime with a guaranteed payment period during which monthly payments shall be made without regard to the Participant’s death. If the Participant dies prior to the end of the guaranteed payment period, the monthly benefit that is payable shall be paid to the Participant’s Joint/Contingent Annuitant for the remainder of the guaranteed payment period. The last payment shall be made on the first day of the calendar month in which the Participant’s death occurs or, if later, the end of the guaranteed payment period. If the Joint/Contingent Annuitant dies after the Participant and before the end of the guaranteed payment period, then Actuarial Equivalent present value of the remaining guaranteed payments shall be paid to the estate of the Joint/Contingent Annuitant.
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Certain and Life Annuity. The monthly annuity shall be payable to the annuitant for as long as the annuitant lives. If the annuitant dies before receiving payments for the certain period (5, 10, 15, or 20 years, as specified in the election), any remaining payments for the balance of the certain period shall be paid to the annuitant's beneficiary.
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Certain and Life Annuity means, for Payment Events occurring on or after January 1, 2012 (including a Payment Event for a Participant (other than a Grandfathered Participant) who is not an Eligible Employee on or after January 1, 2012), a monthly benefit that is the Actuarial Equivalent of a Participant’s Single
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Examples of Certain and Life Annuity in a sentence

  • If the Employee's Separation from Service or Disability occurs before the Employee has attained age 55, MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a terminated Employee in the form of a Ten-Year Certain and Life Annuity.

  • If the Employee's Separation from Service or Disability occurs on or after the date the Employee has attained age 55, the Employee will be deemed to have retired, and MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a retired Employee in the form of a Ten-Year Certain and Life Annuity.

  • In the absence of written notice of election by the Participant given to the Company at least 30 days prior to the date Variable Retirement Annuity payments are to begin, the Variable Retirement Annuity will be the ten years Certain and Life Annuity.

  • If no annuity option election for a Participant has been received by AUL at its Home Office at least 30 days prior to the Annuity Commencement Date, the Account Value (subject to Section 6.5, and minus any outstanding loan balance of the Participant and any unpaid expense charges on such loans) of his Participant Account shall be applied under (b) above as a 10 Year Certain and Life Annuity.

  • The options shown here are Life Only Annuity, Life Annuity with 120 Monthly Payments Certain, and Life Annuity with 240 Monthly Payments Certain.

  • In addition to the Optional Forms of Benefit available under Section 5.4(d)(i) through (iv), a Grandfathered Motor Cargo Participant may elect, as an Optional Form of Benefit, a Five Year Certain and Life Annuity for his entire Accrued Benefit.

  • If the Employee's Separation from Service or Disability occurs on or after the date the Employee has attained age 60, the Employee will be deemed to have retired, and MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a retired Employee in the form of a Ten-Year Certain and Life Annuity.

  • In the absence of written notice of election by the Participant given to the Company at least 30 days prior to the date Variable Retirement Annuity payments are to begin, the Variable Retirement Annuity will be the ten years Certain and Life Annuity; provided, however, for a Married Participant, the Variable Retirement Annuity will be the fifty percent (50%) Survivorship Annuity.

  • Furthermore, a Participant may not change his Beneficiary after his Benefit Commencement Date unless his form of benefit is a 10 Years Certain and Life Annuity.

  • If no such written notice has been received by the Company at least 30 days prior to the Participant's 75th birthday, his Annuity Value shall be automatically applied under Option 2 as a 10 year Certain and Life Annuity.


More Definitions of Certain and Life Annuity

Certain and Life Annuity means a monthly benefit that is the Actuarial Equivalent of a Participant’s Single Life Annuity and that is payable during the Participant’s lifetime with a guaranteed payment period during which monthly payments shall be made without regard to the Participant’s death. The last payment shall be made on the first day of the calendar month in which the Participant’s death
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Certain and Life Annuity means a monthly benefit that is the Actuarial Equivalent of a Participant’s Single Life Annuity and that is payable during the
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Certain and Life Annuity means, for Payment Events occurring on or after January 1, 2012 (including a Payment Event for a Participant (other than a Grandfathered Participant) who is not an Eligible Employee on or after January 1,
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Related to Certain and Life Annuity

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Current beneficiary means a beneficiary that on the date the beneficiary’s qualification is determined is a distributee or permissible distributee of trust income or principal. The term includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the person holds any other power of appointment.