Joint and Survivor Life With Modified Cash Refund Annuity definition

Joint and Survivor Life With Modified Cash Refund Annuity means the following for [(A)] each Immediate Covered Life identified in the Annuity Exhibits under Part 1, Form P as receiving a “Joint and Survivor Life With Modified Cash Refund Annuity” Annuity Form [and (B) each Deferred Covered Life who has the right to receive, and elects to receive, a “Joint and Survivor Life With Modified Cash Refund Annuity” Annuity Form pursuant to Section 2.3]. During the Covered Life’s lifetime, the Company will make monthly payments to the Covered Life equal to the Covered Life Amount. The Company owes the first monthly payment on the Annuity Commencement Date. The Company will paysubsequent monthly payments on the first day of each month. The Company’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. The amount of these monthly payments to the Covered Life will not change in the event that the Contingent Life dies before the Covered Life. After the death of the Covered Life, the Company will make additional monthly payments to the Contingent Life if the Contingent Life is alive on the first day of the month following the death of the Covered Life. The Company will pay the first payment on the first day of the month following the Covered Life’s death. The Company will pay subsequent monthly payments on the first day of each month. The Company’s last monthly payment to the Contingent Life will be on the first day of the month in which such Contingent Life dies. The amount of the payments will equal the Contingent Life Amount. If the death of the second-to-die of such Covered Life and the Contingent Life associated with such Covered Life occurs prior to the “Refund Stop Date” as specified for the Covered Life in Part 1, Form P of the Annuity Exhibits, then the “Modified Cash Refund” payable to the Refund Beneficiary will be an amount equal to (x) the number of months in the period from and including the month following the month in which the death of the second-to-die of such Covered Life and such Contingent Life occurs to but excluding the month in which the Refund Stop Date occurs, multiplied by (y) the Monthly Tax Free Amount and (2) if the death of the second-to-die of such Covered Life or such Contingent Life occurs on or after the “Refund Stop Date” as specified for such Covered Life in the Annuity Exhibits, no Modified Cash Refund will be payable by the Company.]
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Related to Joint and Survivor Life With Modified Cash Refund Annuity

  • Qualified Joint and Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his Spouse as described in Section 8.2.

  • 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.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Unallocated annuity contract means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.

  • 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;

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

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • 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.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.

  • Required Beginning Date means April 1 of the calendar year following the later of:

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • contributory employment and support allowance means an allowance under Part 1 of the Welfare Reform Act 2007 as amended by the provisions of Schedule 3, and Part 1 of Schedule 14, to the Welfare Reform Act 2012 that remove references to an income-related allowance and a contributory allowance under Part 1 of the Welfare Reform Act 2007 as that Part has effect apart from those provisions;

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • state pension credit means state pension credit under the State Pension Credit Act 2002;