Contingent Annuity definition

Contingent Annuity an annuity payable for the life of the Participant (or Beneficiary, if applicable), with a survivor annuity payable to the Participant's (or Beneficiary's) designated beneficiary equal to either fifty percent (50%) or one hundred percent (100%), as selected by the Participant (or Beneficiary), of the amount payable during the joint lives of the Participant (or Beneficiary) and such designated beneficiary.
View Source

Examples of Contingent Annuity in a sentence

  • The amount of each monthly Contingent Annuity payment will be a percentage of the monthly annuity payment payable before the Annuitant's death.

  • If the Annuitant dies before the death of his Contingent Annuitant, monthly Contingent Annuity payments will become payable.

  • The first payment of Contingent Annuity will be payable on the first day of the month following the month in which the Annuitant's death occurs.

  • Monthly Contingent Annuity payments are payable on the first day of each month thereafter throughout the Contingent Annuitant's remaining lifetime.

  • Participation in this Pension Plan was closed to new participants as of the date of ratification of the parties’ 2012 - 2015 Agreement the Pension Plan permits a participant, whether married or unmarried, to elect at retirement one of the Joint and Survivor Annuity or Joint and Contingent Annuity options with a beneficiary who is not the participant’s spouse; except that, if the participant is married at the time of retirement, election of this option will require spousal consent.

  • The amount of each monthly Contingent Annuity will be a percentage of the monthly annuity payment payable before the Annuitant's death.

  • If the LIFE - CONTINGENT ANNUITY form of annuity is payable, then, if the Annuitant dies before the death of his Contingent Annuitant, monthly Contingent Annuity payments will become payable.

  • The first payment of Contingent Annuity will be payable on the first day of each month thereafter throughout the Contingent Annuitant's remaining lifetime.

  • Annuity Benefit payments under the Life Contingent Annuity begin at the Initial Benefit Payment Date stated in the Certificate and continue (a) for the lifetime of the Annuitant or (b) if the Annuity Benefit is purchased on a survivorship basis as elected by the Owner, for as long as at least one of the Annuitants named in the Certificate is living.

  • Upon the Maturity Date, a Participant’s Certificate will automatically mature, and a Participant shall automatically be converted to a Life Annuity (for single life coverage) or a Contingent Annuity (for joint coverage) providing annual income equal to the Guaranteed Income Amount on the Maturity Date.