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 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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Examples of Payout Option in a sentence

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

  • 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.

  • 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.

  • His or her choice must be made by a Request in Good Order that is received by us no later than the date that the Death Benefit Value is applied to a Payout Option and at least 30 days before the date of the first payment to be made.

  • 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.

  • It does not cancel a designation of an Annuitant or a Payout Option election.

  • 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.

  • The Annuity Payout Benefit is a series of periodic payments made under a Payout Option.

  • 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.


More Definitions of Payout Option

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
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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 Holder 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.