Schedule B Annuity definition

Schedule B Annuity means an "Annuity," as defined in this Paragraph 1.12, purchased by the Bank within one month of the date the first payment is to be paid to the Executive under the terms of this Agreement with that sum of money which equals: (a) the amount set forth on Schedule B attached hereto which corresponds to the number of complete years (i.e., twelve [12] month periods) which have elapsed between the Effective Date hereof and the date on which the event triggering or fixing an Executive's right to a Schedule B Annuity occurs; plus (b) an amount equal to the amount of interest which would have been earned on the amount described in the foregoing clause (a) of this Paragraph if said amount had been invested in successive six month United States Treasury Bills starting from the date on which the event triggering or fixing an Executive's right to a Schedule B Annuity occurs and ending on the date the first payment to be made by the Bank to the Executive under the terms of this Agreement is to occur (i.e., using the six month T-Xxxx rate as the applicable rate for determining the "deemed interest" to be credited). For purposes of this Agreement, the term "Annuity" shall mean a commercially available, standard form annuity contract: (i) with an insurance company having the highest available rating from Standard & Poor's; and (ii) providing equal monthly payments over a period of fifteen years (one hundred and eighty [180] months) (with the amount of each monthly payment to be determined by reference to the Schedule B monetary amount which is to be invested, as described above, and to begin as described below with respect to the particular event which triggers the right to receive the Schedule B Annuity). Notwithstanding the foregoing, or anything contained herein to the contrary, the amount of the Annuity shall be limited (determined at the time of its acquisition) to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 6 and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) required in order for the Employer to ensure proper compliance with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). Furthermore, notwithstanding the foregoing, or anything contained herein to the contrary, in the event the Executive takes any action ...
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Examples of Schedule B Annuity in a sentence

  • In the event the Executive elects to Retire on a date which constitutes an Early Retirement Date, the Executive shall be entitled to be paid the Schedule B Annuity, as defined above, with payments thereunder to begin on the month following the month in which the Early Retirement Date occurs.

  • The Executive shall have the right to elect to receive the Schedule B Annuity prior to attaining sixty-five (65) years of age if he elects to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.8 above.

  • The Executive shall have the right to elect to receive the Schedule B Annuity prior to attaining sixty-five (65) years of age if she elects to Retire on a date which constitutes an Early Retirement Date as defined in subparagraph 1.8 above.

Related to Schedule B Annuity

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% 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 that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • 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.

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • 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.

  • Schedule of Benefits means the section of this policy which shows, among other things, the Eligibility Requirements, Eligibility Waiting Period, Elimination Period, Amount of Insurance, Minimum Benefit, and Maximum Benefit Period.

  • 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.

  • 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.

  • Unallocated annuity contract means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.

  • Projected Annual Benefit means the Annual Benefit as defined in subsection (2) above, to which the Participant would be entitled under the terms of the Plan assuming: (A) the Participant will continue employment until the Normal Retirement Date under the Plan (or current date,if later) and (B) the Participant's Compensation for the current Limitation Year and all other relevant factors used to determine benefits under the Plan will remain constant for all future Limitation Years.

  • Annuity Contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals. The term also includes a contract that is considered to be an Annuity Contract in accordance with the law, regulation, or practice of the jurisdiction in which the contract was issued, and under which the issuer agrees to make payments for a term of years.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Plan Schedule means the key terms applicable to Plans as set, and as may be varied by Us, from time to time in its absolute discretion without notice to You;

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Notice to Participants means a communication sent by or on behalf of BSEF to all Participants as described in Rule 310.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Supplemental Retirement Plan means (i) the Company’s Amended and Restated Supplemental Executive Retirement Plan, (ii) the Company’s Supplemental Management Retirement Plan, (iii) the Company’s Amended and Restated Top Hat Restoration Plan, and (iv) the Company’s Defined Contribution Restoration Plan.

  • 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).

  • Country Limitation Schedule means the schedule published from time to time by Ex-Im Bank setting forth on a country by country basis whether and under what conditions Ex-Im Bank will provide coverage for the financing of export transactions to countries listed therein.