Joint Covered Person definition

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. Withdrawals in excess of the XXX will result in a permanent reduction in future GAWs. An IRA Owner may contact Great-West before requesting a withdrawal to obtain a personalized, transaction‑specific, calculation showing the effect of any Excess Withdrawal. GAWs before age 59½ may result in certain tax penalties. A Covered Person should consult a qualified tax advisor regarding withdrawals to satisfy his or her required minimum distribution (“RMD”) requirements under the IRA and, more generally, the tax implications of withdrawals for such purpose during the Withdrawal Phase of this Contract.
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. 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. Withdrawals in excess of the XXX will result in a permanent reduction in future GAWs. A GLWB Participant may contact GWL&A of NY before requesting a withdrawal to obtain a personalized, transaction-specific, calculation showing the effect of any Excess Withdrawal. GAWs before age 59½ may result in certain tax penalties, and may not be permissible while the Plan Participant is still actively employed. A GLWB Participant should consult a qualified tax advisor regarding withdrawals to satisfy his or her RMD amount and, more generally, the tax implications of RMD withdrawals during the Withdrawal Phase of this Contract.
Sample 1Sample 2
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. An Owner should consult a qualified tax advisor regarding withdrawals to satisfy his or her RMD amount and, more generally, the tax implications of RMD withdrawals during the XXX Phase of the Contract. 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 Annuitant who is the Covered Person or Joint Covered Person dies after the Income Start Date, and joint-life income was elected, then the surviving spouse can continue this Rider and the Contract and continue to receive the AWA for the rest of his or her life.

  • In order to ensure that the AWA continues after the death of an Owner you must elect a joint-life income on the Income Start Date and the Covered Person and the Joint Covered Person must be spouses to preserve the availability of this Rider after the death of an Owner.

  • 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].


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: Age Band Age Adjustment Minimum XXX% Maximum XXX% [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

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 such 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.

  • Insured Persons means the person/s named in the Schedule to the Policy, who is/are Resident Indian/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;

  • 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.

  • 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 (i) Contractor and its Affiliates and (ii) the respective directors, officers, agents, employees, and representatives of each Person specified in clause (i) above.

  • Dependent Care Expenses means employment-related expenses incurred on behalf of a person who meets the requirements to be a "Qualifying Individual," as defined in the first bulleted item below. All of the following conditions must be met for such expenses to qualify as Dependent Care Expenses that are eligible for reimbursement:

  • 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.