Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.
Joint and Survivor Annuity means an optional annuity form, described under s. 40.24 (1) (d) or a rule promulgated under
Joint and Survivor Annuity means an annuity that provides equal monthly payments for the life of the Executive and, after his death, a reduced annuity (“survivor annuity”) for the life of the Executive’s Surviving Spouse, if any. The monthly payment under the survivor annuity to a Surviving Spouse shall be equal to 50% of the amount of the monthly payment made to the Executive during their joint lives if the Surviving Spouse is not more than five years younger, or is older, than the Executive at the time benefits begin. If the Surviving Spouse is more than five years younger than the Executive, the survivor annuity will be determined with reference to the actual age of the Surviving Spouse at the time benefits begin and will be reduced to produce the actuarial equivalent of a 50% survivor annuity for a Surviving Spouse who is five years younger than the Executive.
Examples of Joint and Survivor Annuity in a sentence
The election must comply with the provisions of this Section as if it were an election to waive the Joint and Survivor Annuity by a married Participant, but without fulfilling the spousal consent requirement.
The Joint and Survivor Annuity is an annuity that commences immediately and shall be equal in value to a single life annuity.
However, the Participant may, without spousal consent, elect an alternative Joint and Survivor Annuity, which alternative shall be equal in value to the designated qualified Joint and Survivor Annuity.
A revocation of a prior election shall cause the Participant's benefits to be distributed as a Joint and Survivor Annuity.
Unless otherwise elected in the Adoption Agreement, a joint and fifty percent (50%) survivor annuity shall be considered the designated qualified Joint and Survivor Annuity and the normal form of payment for the purposes of this Plan.
More Definitions of Joint and Survivor Annuity
Joint and Survivor Annuity means an optional form of retirement benefits described in A.R.S. § 38-760(B)(1).
Joint and Survivor 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 designated percentage of the Participant’s monthly benefit amount continuing after his death to his Joint/Contingent Annuitant, if such Joint/Contingent Annuitant survives him, for the Joint/Contingent Annuitant’s remaining lifetime. 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 Joint/Contingent Annuitant’s death.
Joint and Survivor Annuity means a reduced annuity payable for the life of the Participant followed after the Participant’s death by an annuity payable for the life of the Participant’s Contingent Annuitant in an amount equal to either 25%, 50%, 75% or 100% (as elected by the Participant prior to Retirement) of the reduced annuity that was payable to the Participant. The combined annuities payable to the Participant and the Contingent Annuitant under the Joint and Survivor Annuity shall be the actuarial equivalent of the annual Retirement benefit determined under Section III using 7.5% interest and the 94 GAR Mortality Table.
Joint and Survivor Annuity means an annuity for the life of a Participant with a survivor annuity for the life of the Participant's spouse which is not less than fifty percent (50%), nor more than one-hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.6.
Joint and Survivor Annuity means an immediate annuity which provides a reduced benefit for the life of the Employee with a survivor annuity for the life of the Employee’s Spouse equal to 65% of the amount of the annuity which is payable during the life of the Employee. The reduced benefit payable for the life of the Employee shall be an amount equal to the benefit otherwise payable to the Employee under Article IV of this Plan multiplied by 95% provided the age of the Employee and his or her Spouse is within five years of each other. If an Employee’s Spouse is five or more years younger than the Employee, the multiplier of 95% is decreased by 1/2% for each full year over five years that the Spouse is younger than the Employee, and, if such Spouse is five or more years older than the Employee, the multiplier of 95% shall be increased by 1/2%, but not to exceed 100%, for each full year over five years that the Spouse is older than the Employee. Grandfathered Participants whose benefits are calculated under Section 4.2 shall have the same joint and survivor annuity options available under this Plan as are available under Sections 8.1 and 8.2 of the Salaried Retirement Plan.
Joint and Survivor Annuity. An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than fifty (50%) percent and not more than one hundred (100%) percent of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested Account balances. The percentage of the survivor annuity shall be fifty (50%) percent unless a different percentage is elected by the Employer in the Adoption Agreement.
Joint and Survivor Annuity. The periodic annuity payment to the survivor under a joint and survivor annuity, may not exceed the applicable percentage of the annuity payment to the Annuitant. These percentages are defined in Regulation Section 1.401(a)(9)-2. - Life annuity with period certain: The distribution must satisfy the requirements for a single life (or joint and survivor) annuity as well as for a period certain annuity without a life contingency. Only a method of distribution offered by PM that satisfies these conditions can be selected. You must make this selection before the end of the calendar year in which you attain age 70 1/2.