Qualified Contracts definition

Qualified Contracts. Contracts issued in connection with retirement plans that receive favorable tax treatment under Sections 401, 403, 408, 408A or 457 of the Internal Revenue Code.
Qualified Contracts. The Primary Annuitant must be the employee. If one of the Joint Life Payout Options is elected, the Joint Annuitant must be the Spouse of the Annuitant unless both consent otherwise.
Qualified Contracts means contracts that:

Examples of Qualified Contracts in a sentence

  • Qualified Contracts may have additional restrictions on naming and changing Beneficiaries.

  • Each additional Purchase Payment must be at least $250 for Non-Qualified Contracts and $50 for Qualified Contracts.

  • In addition, various tax-qualification rules for Qualified Plans specifically limit increases in benefits once RMDs begin, and Qualified Contracts are subject to such limits.

  • Certain Owners of Qualified Contracts may borrow against their Contracts.

  • Certain Qualified Contracts may require distributions to occur at an earlier age.

  • For Qualified Contracts that permit loans, the Loan Account Value as of the end of any Business Day is the Loan Account Value on the prior Business Day, increased by any: • interest; plus • Contract Value loaned on that day; and decreased by any: • loan principal repaid; plus • earned interest transferred from the Loan Account on that day.

  • The tax rules applicable to Qualified Contracts and Qualified Plans, including restrictions on contributions and distributions, taxation of distributions and tax penalties, vary according to the type of Qualified Plan, as well as the terms and conditions of the Plan itself.

  • Unlike Non-Qualified Contracts, Qualified Contracts are subject to federal penalty taxes not just on premature distributions, but also on excess contributions and failures to make required minimum distributions (“RMDs”).

  • For non-periodic amounts from certain Qualified Contracts or Plans, Code Section 72(e)(8) provides special rules that generally treat a portion of each amount received as a tax-free recovery of the “investment in the contract,” based on the ratio of the “investment in the contract” over the Contract Value at the time of distribution.

  • Qualified Contracts are subject to additional rules regarding participation in these Programs.


More Definitions of Qualified Contracts

Qualified Contracts. Certain Plan provisions required by the Code or ERISA or other applicable laws may limit the Owner's rights under this Contract. The provisions may:
Qualified Contracts are Contracts purchased in connection with a plan that qualifies for favorable tax treatment under Sections 401, 403(b) or 408 of the Internal Revenue Code.
Qualified Contracts. Certain Plan provisions required by the Code, ERISA or other applicable laws may limit the Owner's rights under this Contract. The provisions may: 1) Require consent of the Owner's Spouse before the Owner may elect to receive Income Payments. 2) Require that the Owner's Spouse be designated as Beneficiary. 3) Require that Income Payments be made in the form of a Joint and Survivor Annuity for the Owner and the Owner's Spouse unless both consent to a different form of Payout Option. -------------------------------------------------------------------------------- [X] Tax Note: The Owner or Joint Owner remains liable for any and all federal tax consequences under this Contract. This includes, but is not limited to income and gift tax consequences for Income Payments made to Payees other than themselves. Unless otherwise directed, the Company will mail all tax forms to the Owner of this Contract. The Company reserves the right to refuse to send tax forms to someone other than the Owner, such as the Annuitant or Payee. --------------------------------------------------------------------------------
Qualified Contracts. Certain Plan provisions required by the Code, ERISA or other applicable laws may limit the Owner's rights under this Contract. The provisions may: 1) Require consent of the Owner's Spouse before the Owner may elect to receive Income Payments. 2) Require that the Owner's Spouse be designated as Beneficiary. 3) Require that Income Payments be made in the form of a Joint and Survivor Annuity for the Owner and the Owner's Spouse unless both consent to a different form of Payout Option.

Related to Qualified Contracts

  • Qualified Contract A Contract that qualifies under the Code as an individual retirement annuity (“IRA”) or a Contract purchased under a Qualified Plan that qualifies for special tax treatment under the Code. Qualified Plan — A retirement plan that receives favorable tax treatment under Section 401, 403, 408, 408A or 457 of the Code. Quarterly Contract Anniversary — Every three month anniversary of the Contract Date. SEC — Securities and Exchange Commission.

  • Specified Contracts has the meaning set forth in Section 4.13(a).

  • Qualified Contractor ’ means a residential energy ef-

  • Specified Contract means any of the following Contracts (together with all exhibits and schedules thereto) to which the Company or any Subsidiary is a party:

  • Scheduled Contracts has the meaning set forth in Section 4.16.

  • Acquired Contracts has the meaning given in Section 2.1(a).

  • Assigned Contracts has the meaning set forth in Section 2.01(c).

  • Assumed Contracts has the meaning set forth in Section 2.1(d).

  • New Contracts means binding new agreements or amendments to existing agreements with customers.

  • Related Contracts is defined in clause (c) of Section 2.1.

  • Transferred Contracts has the meaning ascribed to it in Section 2.1(c).

  • Seller Contracts means all Contracts (i) relating to the Business under which Seller has or may acquire any rights or benefits, (ii) relating to the Business under which Seller has or may become subject to any obligation or Liability or (iii) by which any of the Purchased Assets or Assumed Liabilities is or may become bound.

  • Classified Contract means an agreement between two or more Contractors, which contains or the execution of which requires access to Classified Information;

  • Project Contracts means collectively this Agreement, the Land Lease Agreement, the Construction Contract, O&M Contracts (if any) and any other material contract (other than the Financing Documents) entered into or may hereafter be entered into by the Concessionaire in connection with the Project;

  • Shared Contracts means contracts pursuant to which a non-affiliated third party provides material services, Intellectual Property, Software or benefits to Seller or one or more of its Affiliates (including the Acquired Companies) in respect of both the Business and any other business of Seller and its Affiliates (other than the Acquired Companies).

  • Existing Contracts means the existing licenses and contracts given by the Railway Administration / Authority, in relation to commercial establishments, as existing on Station Development Land, as on the date of the Agreement, and as further set out in the Schedules, which shall, for avoidance of doubt, exclude any licenses and/ or contracts in relation to any Excluded Activities and/or Railway Operational Activities;

  • Purchased Contracts has the meaning set forth in Section 2.1.1(a).

  • Retained Contracts means all contracts, agreements, leases, software licenses, rights, obligations or other commitments of the Company that (a) arise out of or are related exclusively to any business or operation of the Company other than the Business, or (b) arise out of or are related in any way to the Business and which, in the case of both clauses (a) and (b) herein, are not Transferred Contracts.

  • Assigned Contract has the meaning set forth in Section 1.5(a).

  • Initial Contracts means those Contracts conveyed to the Trust on the Closing Date.

  • Company Contracts has the meaning set forth in Section 3.13(a).

  • Excluded Contracts has the meaning set forth in Section 2.02(a).

  • Material Contracts has the meaning set forth in Section 3.09(a).

  • Assumed Contract means any Executory Contract or Unexpired Lease assumed by the Reorganized Debtors in accordance with Article V of the Plan.

  • Service Contracts means contracts or agreements, such as maintenance, supply, service or utility contracts.

  • Applicable Contracts has the meaning set forth in Section 2.15(a).