Payout Option definition

Payout Option. The Income Payment option selected by the Owner and set forth on the Contract Data Page. Plan: Pension plan as defined in ERISA section 3(2).
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Payout Option means, except as limited below, any of the annuity options or income options or settlement options or other options for payment that are available under the applicable Investment Contract(s) held under the Plan, or that may otherwise be made available by the Administrator on a non- discriminatory basis. The Administrator shall not permit the use of any payout option that is based on gender- distinct actuarial tables or that otherwise unlawfully discriminates against any person. The Administrator shall not permit the Participant or Beneficiary to elect any Payout Option that (at the time the distribution begins) does not satisfy the provisions of the Plan, including the applicable requirements of Code section 401(a)(9).
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Payout Option means any, except as limited below, of the annuity options or other options for payment that is available under the applicable Plan Investment Option.
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Examples of Payout Option in a sentence

  • Payments under a Payout Option are made at the end of each payment interval.

  • Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency of payment in accordance with the minimum withdrawal amount in the Systematic Payout Option section of the policy to which this rider attaches.

  • Any change will not affect the amount or terms of any Annuity Payout Option which begins before the change.

  • If an option has not been elected within 30 days of the Annuity Commencement Date, the Investment Segment Account Value or Annuity Account Value, pursuant to Section 9.07, will be applied under Variable Annuity Payout Option 1 to provide payouts for life with a guaranteed period of 15 years.

  • In place of that, you may choose to have Death Benefit payments paid as a lump sum or in the form of any Payout Option that is available under this Contract.

  • If the Certificate Holder or Annuitant dies before an Annuity Payout Option starts, the Beneficiary is entitled to a death benefit.

  • In place of that, you may choose to have the Annuity Payout Benefit paid in the form of any other Payout Option that is available to you under this Contract.

  • This means that for annual payments, the first payment will be made one year after the date on which the Death Benefit is applied to a Payout Option.

  • Such a request must be received by us no later than the chosen date, and at least 30 days before the date of the first payment to be made under a Payout Option.

  • A Beneficiary that is a trust, custodial account, corporation, limited liability company, partnership, or other entity may elect a Payout Option based on the life of a person to whom the Beneficiary is obligated.


More Definitions of Payout Option

Payout Option means any, except as limited below, of the annuity options or other options for payment that are available under the applicable Plan Investment(s) or that are otherwise provided by the Plan. As to an unallocated investment, the Payout Options are as specified by the current written agreement between the Plan Administrator and the Agent. The Plan Sponsor shall not permit the use of any payout option that is based on gender-distinct actuarial tables or that otherwise unlawfully discriminates against any person. The Plan Sponsor shall not permit the Participant (or Beneficiary) to elect any Payout Option that does not satisfy all applicable provisions of the Plan, including (but not limited to) Provision 15.3 or Provision 16.2. If an Investment permits a Payout Option to be arranged "as mutually agreed", any such unspecified Payout Option, regardless of whether the Payout Option is the actuarial equivalent of any other Payout Option, shall not be a Payout Option under the Plan unless the Issuer offers this Payout Option on a uniform and non-discriminatory basis to all Participants and Beneficiaries in similar circumstances.
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Payout Option means the option as mentioned in the schedule and chosen by the Policyholder at the inception or at any time during the Policy term basis which guaranteed maturity sum assured will be payable to the Policyholder/ Nominee.
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Related to Payout Option

  • Performance Grant means an Award subject, in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • LTIP Award means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan.

  • Performance Award Agreement means a written agreement between the Company and a Participant with respect to a Performance Award.

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Unit Award means an Award granted under Article XI of the Plan under which, upon the satisfaction of predetermined Performance Goals, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder.

  • Performance Award Formula means, for any Performance Award, a formula or table established by the Committee pursuant to Section 10.3 which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance Goal(s) measured as of the end of the applicable Performance Period.

  • Target Award means the target award, at 100% of target level performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b).

  • Grant Amount or “Grant” means the total amount of financial assistance disbursed under this Agreement, which consists of the City's Amount and the Consultant’s Amount.

  • Share Award means an Award of Shares granted pursuant to Section 10.

  • Performance Unit Agreement means a written agreement between the Company and a Holder with respect to a Performance Unit Award.

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Share Units means Performance Share Units granted to an Eligible Individual under Section 9.1(b).

  • PSU means Public Sector Undertaking

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Incentive Award means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11.

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • RSU means a contractual right granted pursuant to Section 9 that is denominated in Shares. Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents.

  • Equity Award means all incentive stock options, non-statutory stock options, shares of restricted stock, restricted stock units or other incentive equity awards in respect of shares of the Company’s equity securities that have been or will be granted to you by the Company.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • RSU Award Agreement means a written agreement between the Company and a holder of a RSU Award evidencing the terms and conditions of a RSU Award grant. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary of the general terms and conditions applicable to the RSU Award and which is provided to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.

  • PSUs means the outstanding performance share units governed by the performance share unit plan of the Company dated December 16, 2013, as amended from time to time;

  • Phantom Stock Award Agreement means a written agreement between the Company and a Holder with respect to a Phantom Stock Award.

  • Share Appreciation Right means the right pursuant to an Award granted under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

  • RSU Award or “RSU” means an Award of restricted stock units representing the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

  • Performance Units means an Award which may be earned in whole or in part upon attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator.