Joint Covered Person definition

Joint Covered Person. The Plan Participant may select a joint Covered Person. The joint Covered Person must be the Plan Participant’s spouse and sole designated Beneficiary under the Plan. In the event of divorce, the joint Covered Person is no longer a spouse and, consequently, is no longer a Covered Person. The selection of a joint Covered Person is irrevocable. GAWs cannot begin until both Covered Persons reach age [55] and there is a distributable event under the Plan and the Code. The XXX% will be determined by the age of the younger Covered Person on the Initial Installment Date. Example: If the Benefit Base equals $100,000 and the XXX% is 4.00%, then a GLWB Participant can elect to receive the XXX in the form of Installments totaling $4,000, but the Participant may elect to receive Installments totaling less than $4,000. GWL&A of NY will not increase Installments unless the GLWB Participant provides GWL&A of NY with at least 30 calendar days’ advance notice of the GLWB Participant’s request to increase Installments. A GLWB Participant who is not receiving the entire XXX in the 12-month period following a Ratchet Date cannot request to receive any amount of the XXX not taken during that 12-month period after such 12-month period has passed.
Sample 1Sample 2
Joint Covered Person. The IRA Owner may select a joint Covered Person. The joint Covered Person must be the IRA Owner’s spouse and sole designated Beneficiary under the Contract. In the event of divorce, the joint Covered Person is no longer a spouse and, consequently, is no longer a Covered Person. The selection of a joint Covered Person is irrevocable. GAWs cannot begin until both Covered Persons reach the minimum age of Joint Covered Persons listed on the Contract Data Page. The XXX% will be determined by the age of the younger Covered Person on the Initial Installment Date. An IRA Owner may elect to receive Installments totaling less than the XXX amount. Example: If the Benefit Base equals $100,000 and the XXX% is 4.00%, then an IRA Owner can elect to receive the XXX in the form of Installments totaling $4,000, but the IRA Owner may elect to receive Installments totaling less than $4,000. Great-West will not increase Installments unless the IRA Owner provides Great-West with at least 30 calendar days’ advance notice of the IRA Owner’s request to increase Installments. An IRA Owner who is receiving less than the XXX in the 12 month period following a Ratchet Date cannot request to receive any amounts less than the XXX during that 12-month period after such 12-month period has passed.
Sample 1
Joint Covered Person. The Owner may select a joint Covered Person. The joint Covered Person must be the Owner’s spouse and sole Beneficiary. In the event of divorce, the joint Covered Person is no longer a spouse and, consequently, can no longer be a Covered Person. The selection of a joint Covered Person is irrevocable. GAWs cannot begin until both Covered Persons reach age 55. The XXX% will be determined by the age of the younger life on the Initial Installment Date. Any distribution taken before the younger Covered Person attains age 55 shall be considered an Excess Withdrawal, pursuant to Section 8.04. GAWs before age 59 1⁄2 may result in certain tax penalties. The XXX is based on a percentage of the Benefit Base pursuant to the schedule set forth in the Contract Data. The Installment equals the XXX divided by the number of payments per year under the elected Installment Frequency Option, as defined in Section 9.02.
Sample 1

Examples of Joint Covered Person in a sentence

  • Single Covered Person: Installments may not begin until a single Covered Person attains age 59.5. Joint Covered Person: If there are Joint Covered Persons, Installments may not begin until both Covered Persons reach age 59.5. If there are Joint Covered Persons, a Joint GAW% is calculated based on the age of the younger Covered Person.

  • A Joint Covered Person must be the Owner’s Spouse and: (i) a Joint Owner; or (ii) the 100% primary Beneficiary under the Contract.

  • Attained Age – During the Guaranteed Annual Withdrawal Phase, the age of the Covered Person (or the age of the younger Joint Covered Person) on the Ratchet Date.

  • A Joint Covered Person, when permitted, must be the Owner’s Spouse and (i) a Joint Owner; or (ii) the 100% primary Beneficiary under the Contract.

  • If an IRA custodian or trustee owns the Contract, the Underlying IRA Holder must be a Covered Person and if there are two Covered Persons, the Joint Covered Person must be the Underlying IRA Holder’s Spouse and the designated beneficiary of the custodial or trusteed account.

  • Attained Age - During the Guaranteed Annual Withdrawal Phase, the age of the Covered Person (or the age of the younger Joint Covered Person) on the Ratchet Date.

  • Single Covered Person: Installments may not begin until a single Covered Person attains age 59.5. Joint Covered Person: If there are Joint Covered Persons, Installments may not begin until both Covered Persons reach age 59.5. If there are Joint Covered Persons, a single GAW% is calculated based on the age of the younger Covered Person and then an additional adjustment is applied as shown on the Rider Data Page.

  • Joint Covered Person: If there are Joint Covered Persons, Installments may not begin until both Covered Persons reach age [59.5].

  • Joint Covered Person: The Certificate Owner may select a joint Covered Person.

  • A scenario where the sewerage flows from the AgriZone development and is pumped to connect to the bulk sewerage line, is seen from an environmental point of view as a preferred option due to the shorter lengths in pipeline, which also decreases the interaction which this pipeline has with the Hlawe River.


More Definitions of Joint Covered Person

Joint Covered Person. If there are two Covered Persons, Installments may not begin until both Covered Persons reach age [59.5]. If the GLWB Elector elects to declare his or her spouse as a Joint Covered Person, the election is irrevocable and the XXX% will be determined by the age of the younger life on the Initial Installment Date, and the spouse must be the GLWB Elector’s sole Beneficiary. If the GLWB Elector’s spouse is not the sole Beneficiary, the Certificate Owner is required to change the Beneficiary designation prior to the Initial Installment Date. Installments will not begin until such change is made. Any Distribution taken before the youngest Covered Person attains age [59.5] shall be considered an Excess Withdrawal, pursuant to Section 4.05. No Certificate Contributions shall be made to the Covered Fund(s) on and after the Initial Installment Date. The XXX% for a Single Covered Person is calculated by multiplying the 10YR by the Age Adjustment, subject to a minimum and maximum XXX%, based on the schedule below. The XXX% schedule is as follows: [59.5-64] [0.7] 3.0% 5.6% [65-69 [1.0] 4.0% 8.0% [70-74] [1.1] 4.5% 8.3% [75+] [1.2] 5.0% 8.5% For Joint Covered Persons, the same calculation is used based on the age of the youngest Covered Person but an additional adjustment of [.90] is applied. This rate is the Joint Withdrawal Adjustment.
Sample 1
Joint Covered Person. The Plan Participant may select a joint Covered Person. The joint Covered Person must be the Plan Participant’s spouse and sole designated Beneficiary under the Plan. In the event of divorce, the joint Covered Person is no longer a spouse and, consequently, is no longer a Covered Person. The selection of a joint Covered Person is irrevocable. GAWs cannot begin until both Covered Persons reach age [55] and there is a distributable event under the Plan and the Code. The XXX% will be determined by the age of the younger Covered Person on the Initial Installment Date. A GLWB Participant may elect to receive Installments totaling less than the XXX amount. Example: If the Benefit Base equals $100,000 and the XXX% is 4.00%, then a GLWB Participant can elect to receive the XXX in the form of Installments totaling $4,000, but the Participant may elect to receive Installments totaling less than $4,000. Great-West will not increase Installments unless the GLWB Participant provides Great-West with at least 30 calendar days’ advance notice of the GLWB Participant’s request to increase Installments. A GLWB Participant who is not receiving the entire XXX in the 12 month period following a Ratchet Date cannot request to receive the amount of the XXX not taken during that 12-month period after such 12-month period has passed.
Sample 1

Related to Joint Covered Person

  • Covered Persons has the meaning set forth in Section 20(a).

  • Covered Person means: (a) any officer, director, shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) the Trust's Affiliates; and (b) any Holder of Securities.

  • Covered Personnel means any Person who is or was an employee, consultant or independent contractor of the Covered Parties as of the date of the relevant act prohibited by this Section 2(a) or during the one (1) year period preceding such date.

  • Insured Person s year” means a year from the date of commencement of the insured person’s policy, or from the anniversary date of the commencement of the insured person.

  • Injured Person under this section means a Member covered by the EOC who sustains an injury or illness and any spouse, dependent or other person or entity that may recover on behalf of such Member including the estate of the Member and, if the Member is a minor, the guardian or parent of the Member. When referred to in this section, "KFHPWA's Medical Expenses" means the expenses incurred and the value of the benefits provided by KFHPWA under this EOC for the care or treatment of the injury or illness sustained by the Injured Person.

  • Insured Persons means the person/s named in the Schedule to the Policy, who is/are Indian Resident /s and for whom the insurance is also proposed and appropriate premium paid.

  • Issuer Covered Person shall have the meaning ascribed to such term in Section 3.1(oo).

  • Covered Party has the meaning assigned to it in Section 9.21.

  • Licensed person means an individual who is licensed or otherwise legally authorized to practice a professional service by a court, department, board, commission, or an agency of this state or another jurisdiction, any corporation or professional services corporation all of whose shareholders are licensed persons, any partnership all of whose partners are licensed persons, or any limited liability company all of whose members and managers are licensed persons.

  • Exculpated Party means, collectively, and in each case in its capacity as such: (a) the Debtors;

  • leprosy cured person means a person who has been cured of leprosy but is suffering from—

  • Dependent person means a person who cannot demonstrate financial independence from parents or persons other than a spouse and who does not meet the criteria for independence established in Section 5 of this administrative regulation.

  • Insured Member means a member insured under this subdivision.

  • Unlicensed person means any person who is not a licensed dealer under this chapter.

  • Covered Parties has the meaning set forth in Section 6.7(a).

  • Non-profit organization means: (1) a governmental entity of the state of California; or (2) a legal entity that is tax exempt under Internal Revenue Code section 501(c)(3) and California Revenue and Taxation Code section 23701d.

  • Exculpated Parties shall have the meaning set forth in Section 13.1 hereof.

  • CPP Covered Period shall be limited by, and interpreted in a manner consistent with, 31 C.F.R. § 30.11 (as in effect on the Closing Date). • Provisions (1) and (2) of this letter are intended to, and will be interpreted, administered and construed to, comply with Section 111 of EESA (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this letter).

  • SpinCo Indemnitees shall have the meaning set forth in Section 4.3.

  • Covered Entities have the meanings stated in Section 1(a) of the Parent Support Agreement.

  • Disinterested Person means a director who has not, during the period that person is a member of the Committee and for one year prior to commencing service as a member of the Committee, been granted or awarded equity securities pursuant to this Plan or any other plan of the Company or any Parent, Subsidiary or Affiliate of the Company, except in accordance with the requirements set forth in Rule 16b-3(c)(2)(i) (and any successor regulation thereto) as promulgated by the SEC under Section 16(b) of the Exchange Act, as such rule is amended from time to time and as interpreted by the SEC.

  • Company Covered Person means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Contractor Group means the Contractor, its subcontractors of any tier, its and their respective Affiliates, successors and permitted assignees, and its and their respective directors, officers, employees (including agency personnel);

  • Fiduciary Indemnified Person means each of the Institutional Trustee (including in its individual capacity), the Delaware Trustee (including in its individual capacity), any Affiliate of the Institutional Trustee or the Delaware Trustee, and any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Institutional Trustee or the Delaware Trustee.

  • Drug-dependent person means a person who is using a