Excess Withdrawal is a withdrawal of Account Value that exceeds the Free Withdrawal Amount. This term may not apply to your Contract.
Excess Withdrawal means any withdrawal or portion of a withdrawal taken from the PBA during a Contract Year that, together with all other amounts withdrawn from the PBA during that year, causes the total of such withdrawals to exceed the AWA. An Excess Withdrawal may reduce future benefits by more than the dollar amount of the withdrawal(s).
Examples of Excess Withdrawal in a sentence
Excess Withdrawal The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.
After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the GAW will be considered an Excess Withdrawal.
If the Owner fails to suspend remaining Installments for the year, an Excess Withdrawal may occur.
If the Owner chooses not to establish the GAW%, the Distribution will be treated as an Excess Withdrawal.
Any Distribution taken before the youngest Covered Person attains age 59.5 shall be considered an Excess Withdrawal, pursuant to Section 3.03.
More Definitions of Excess Withdrawal
Excess Withdrawal means the amount of any withdrawal or portion of any withdrawal taken from the PBA in a Contract Year that together with all other withdrawals from the PBA exceeds the AWA for that Contract Year. All withdrawals made from the PBA [in the Contract Year in which your PBA Funding Date occurs] are “Excess Withdrawals.” [An RMD Withdrawal is not an Excess Withdrawal when the Automatic RMD Withdrawal Service is elected for lifetime RMD payments as described above.] An Excess Withdrawal may reduce future benefits by more than the dollar amount of the excess withdrawal(s). “Future benefits” means AWA withdrawals and Lifetime GMIB Payments. You may contact your financial professional or the Processing Office to determine if, as of that date, a contemplated withdrawal amount would cause an Excess Withdrawal.
Excess Withdrawal means any withdrawal or portion of a withdrawal taken from the Protection with Investment Performance Account Value during a Contract Year that, together with all other amounts withdrawn from the Protection with Investment Performance Account Value during that year, causes the total of such withdrawals to exceed the GIB Annual Withdrawal Amount. An Excess Withdrawal may reduce future benefits by more than the dollar amount of the excess withdrawal(s).
Excess Withdrawal means the amount of any withdrawal or portion of any withdrawal taken from the Protection with Investment Performance Account Value in a Contract Year that together with all other withdrawals exceeds the GIB Annual Withdrawal Amount for that Contract Year. All withdrawals [made prior to the second Contract Year] are “Excess Withdrawals.” [An RMD Withdrawal is not an Excess Withdrawal when the Automatic RMD Withdrawal Service is elected for lifetime RMD payments as described in your Rider.] An Excess Withdrawal may reduce future benefits by more than the dollar amount of the excess withdrawal(s). “Future benefits” means Annual Withdrawal Amount withdrawals and Lifetime GIB Payments. You may contact your financial professional or the Processing Office to determine if, as of that date, a contemplated withdrawal amount would cause an Excess Withdrawal.
Excess Withdrawal means (a) in the case of the first Excess Withdrawal in a year, the amount by which the Aggregate Unit Value of all Income Class Units Redeemed during the year after the LWA Commencement Date (other than to pay Contract-Level Fees) or reclassified during such year exceeds the sum of the LWA then in effect (or the LWA RRIF MAP if greater) and any LWA Deferrals then available for such year; and (b) after having made an Excess Withdrawal in a year, the amount by which the Aggregate Unit Value of any further Income Class Units Redeemed (other than to pay Contract-Level Fees) or reclassified since the most recent Excess Withdrawal exceeds the LWA then in effect;
Excess Withdrawal means the amount of any withdrawal or portion of any withdrawal taken from the PBA in a Contract Year that together with all other withdrawals from the PBA exceeds the AWA for that Contract Year. [An RMD Withdrawal is not an Excess Withdrawal when the withdrawal is made under our Automatic RMD Withdrawal
Excess Withdrawal. A withdrawal that reduces the Participant’s Income Base. Prior to the Lock-In Date, all withdrawals are Excess Withdrawals. After the Lock-In Date, a withdrawal in excess of the Guaranteed Income Amount for an Annual Period will constitute an Excess Withdrawal, subject to the exception provided in Section 6.2.
Excess Withdrawal means a withdrawal you make from this Contract after you have elected to begin taking GAWA payments from this Contract, which causes cumulative withdrawals from the Contract during that Contract Year to exceed the GAWA.