Income Plan definition

Income Plan is a series of payments on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date adjusted by any Market Value Adjustment and less any applicable taxes, will be applied to your Income Plan choice from the following list:
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Income Plan means the sales and marketing plan of a multi-level marketing entity, illustrating the mode of sharing of profits and other incentives, including financial and non-financial benefits, among the direct sellers and distributors, on a monthly or yearly basis or both, as the case may be;
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Income Plan is a series of payments on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date, less any applicable taxes, will be applied to your Income Plan choice from the following list. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value (less any applicable taxes) should be allocated to each Income Plan. For tax reporting purposes, your cost basis and any gain on the Contract will be allocated proportionately to each Income Plan chosen based on the proportion of your Contract Value applied to each Income Plan. We reserve the right to limit the number of Income Plans that you may select. If you choose to add the Income Protection Option to your Variable Amount Income Payments, certain restrictions may apply as described under Income Protection Option below.
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Examples of Income Plan in a sentence

  • Such amount may be received in a single lump sum or applied to any of the Annuity Options (see Choosing an Income Plan).

  • The commuted value will be determined by discounting the remaining payments at the assumed investment rate used for the Income Plan.

  • The tables show rates for the Installment Income Plan for a Specified Period (Option B) and Life Income Plans (Options C and E).

  • Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend.

  • It continues until we make the last payment as provided by the Income Plan chosen.

  • Life Income Plan (Option C or E) rates are based on the sex and adjusted age of any individual upon whose life payments depend.

  • A beneficiary receiving payments under a variable payment plan may transfer from an Installment Income Plan (Option B) to either form of the Life Income Plan (Option C or E).

  • The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments.

  • Market Value Adjustments A Market Value Adjustment will be applied to a Fixed Allocation upon withdrawal, transfer or application to an Income Plan if made more than thirty days prior to such Fixed Allocation's Maturity Date, except on Systematic Partial Withdrawals and IRA Partial Withdrawals.

  • As a practical matter, if these funds are held in the Company’s 401(K) Plan (or represented by interests in the Company’s Management Deferred Income Plan), Compliance will receive reporting in response to this requirement directly from the Administrator of the Plan(s).


More Definitions of Income Plan

Income Plan. A payout option that allows for a series of payments to be made during the Payout Phase. LU10974 Page 3 (5/10)
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Income Plan is a series of payments made on a scheduled basis to you or to another person designated by you. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value adjusted by any applicable Market Value Adjustment and less any applicable taxes should be allocated to each Income Plan. For tax reporting purposes, your cost basis and any gain on the Contract will be allocated proportionately to each Income Plan chosen based on the proportion of your Contract Value applied to each Income Plan. We reserve the right to limit the number of Income Plans that you may select. The "Guaranteed Payment Period" is the period of time over which income payments are guaranteed to be made. The Contract Value on the Payout Start Date less any applicable taxes, will be applied to your Income Plan choice from the following list. Income Plan 1 - Life Income with Guaranteed Payment Period. We will make payments for as long as the Annuitant lives, or until the end of the Guaranteed Payment Period, if longer. The Guaranteed Payment Period may be 0 months, or range from 60 to 360 months. If the Annuitant is age 90 or older on the Payout Start Date, the Guaranteed Payment Period may range from 60 to 360 months. Income Plan 2 - Joint and Survivor Life Income with Guaranteed Payment Period. We will make payments for as long as either the Annuitant or joint Annuitant, named at the time of Income Plan selection, lives, or until the end of the Guaranteed Payment Period, if longer. The Guaranteed Payment Period may be 0 months, or range from 60 to 360 months. If either the Annuitant or joint Annuitant is age 90 or older on the Payout Start Date, the Guaranteed Payment Period may range from 60 to 360 months. Income Plan 3 - Guaranteed Payment Period. We will make payments for a Guaranteed Payment Period. These payments do not depend on the Annuitant's life. The minimum Guaranteed Payment Period is 60 months (120 months if the Payout Start Date occurs before the third Contract Anniversary). The maximum Guaranteed Payment Period is 360 months or the number of months between the Payout Start Date and the date that the Annuitant reaches age 100, if greater. In no event may the Guaranteed Payment Period exceed 600 months. Income Plan 3 offers a withdrawal option as described in the Payout Withdrawal section. Income payments under Income Plan 3 are subject to the following:
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Related to Income Plan

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Compensation Plan means any program, plan or similar arrangement (other than employment contracts for a single individual) relating generally to compensation, pension, employment or similar arrangements with respect to which any Company, any Affiliate of any Company or any ERISA Affiliate of any of them has any obligation or liability, contingent or otherwise, under any Requirement of Law other than that of the United States.

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • Restoration Plan means all technical and organisational measures necessary for the restoration of the system back to normal state;

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • Investment Plan means the document in terms of which the special purpose vehicle will invest in unlisted investments and all matters incidental thereto;

  • Health benefits plan means a benefits plan which pays or

  • 401(k) Plan shall have the meaning set forth in Section 6.3(a).

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Company 401(k) Plan has the meaning set forth in Section 6.4(e).

  • Separation Plan means the Company’s Separation Plan Amended and Restated Effective August 13, 2006, as may be amended from time to time or any successor plan, program, arrangement or agreement thereto.

  • Flexi Plan means any individual indemnity hospital insurance plan under the VHIS framework with enhancement(s) to any or all of the protections or terms and benefits that the Standard Plan provides to the Policy Holder and the Insured Person, subject to certification by the Government. Such plan shall not contain terms and benefits which are less favourable than those in the Standard Plan, save for the exception as may be approved by the Government from time to time.

  • Parent 401(k) Plan has the meaning set forth in Section 6.6(e).

  • Pay Plan means the scale of wages as contained in the attached Appendix “A” and the rules governing its application, as per Article 12.

  • Compensation Plans shall have the meaning set forth in Section 3.11(b).

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Incentive Compensation Plan means any plan, agreement or other arrangement that provides for the grant or issuance of equity or equity-based awards and that is now in effect or is hereafter adopted by the Company or the Manager for the benefit of any of their respective employees or other service providers (including directors, advisers and consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries.

  • Service Plan means the Operating Plan and Budget appended as Schedules A and D2a of Schedule D;

  • Deferral Plan means the UGI Corporation 2009 Deferral Plan.

  • Supplemental Retirement Income Benefit means an annual amount (before taking into account federal and state income taxes), payable in monthly installments throughout the Payout Period. Such benefit is projected pursuant to the Agreement for the purpose of determining the Contributions to be made to the Retirement Income Trust Fund (or Phantom Contributions to be recorded in the Accrued Benefit Account). The annual Contributions and Phantom Contributions have been actuarially determined, using the assumptions set forth in Exhibit A, in order to fund for the projected Supplemental Retirement Income Benefit. The Supplemental Retirement Income Benefit for which Contributions (or Phantom Contributions) are being made (or recorded) is set forth in Exhibit A.

  • Incentive Plan means any plan providing compensation that depends on achieving certain performance goals or similar conditions within a specified period;

  • Incentive Compensation Plans means annual incentive compensation plans and long‑term incentive compensation plans of the Company, which long‑term incentive compensation plans may include plans offering stock options, restricted stock and other long‑term incentive compensation.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Parent Plan has the meaning set forth in Section 7.8(b).