Option 3 - Life Annuity with Payments Guaranteed for 10 or 20 years.
If no Annuity Option is elected, Option 3 - Life Annuity with Cash Refund will automatically be applied.
life annuity means “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;
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.
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.
Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.
retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;
Normal Retirement Benefit means the benefit described in Section 2.1.
Retirement Benefit means the benefit set forth in Article 5.
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.
Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value
Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Actuarial equivalent means a benefit of equal value when
ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.
Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Early Retirement Benefit means the retirement benefit payable to a member following early
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.
SERP Benefit means the benefit described in Section 5.1.
Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) 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 Balance.
Annuity Benefit means a benefit payable by us as described in Part VII.
Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).
Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.
Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
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.
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.