Straight Life Annuity definition

Straight Life Annuity means an annuity payable in equal installments for the life of the Participant that terminates upon the Participant's death.

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Straight Life Annuity means an annuity payable in equal installments for the life of a Participant that terminates upon the Participant's death.

Straight Life Annuity means the same as monthly life annuity according to A.R.S. § 38-757.

Examples of Straight Life Annuity in a sentence

• A retiring employee who elects Option 1, Straight Life Annuity with Cash Refund, shall not be required to reduce his/her pension benefit to ensure that his/her beneficiary receives the unamortized balance of his/her contributions, with interest, in the event of his/her death after retirement.

• Each eligible Participant shall receive an allocation equal to a percentage of the Non-Elective Contribution for the Plan Year, such percentage to equal the ratio that the present value of a monthly Straight Life Annuity, payable at Normal Retirement Age, of one (1%) percent of his Compensation for the Plan Year bears to the present value of such annuities for all eligible Participants for that Plan Year.

• A Level Income Annuity Option may be elected in the form of a Joint and Survivor Annuity Option, a Straight Life Annuity Option, or a Months Certain and Life Income Annuity Option.

• The amount determined in accordance with the benefit formula selected in Part 4 of the Agreement, payable annually as a Straight Life Annuity commencing at Normal Retirement Age (or current age, if later).

• The present value of a Participant's Straight Life Annuity equals one (1%) of his Compensation for the Plan Year multiplied by the applicable factor in Table I (based on the Participant's Normal Retirement Age) and the applicable factor in Table II (based on the number of years the Participant's Normal Retirement Age exceeds his current age) at the end of the Basic Plan Document.

More Definitions of Straight Life Annuity

Straight Life Annuity means an Annuity payable in equal installments for the life of the member and terminating on the Member’s death.

Straight Life Annuity means an annuity payable in equal installments for the life of the Participant that terminates upon the Participant's death. 10.5. Notice Requirements. In the case of a Qualified Joint and Survivor Annuity, no less than 30 days and no more than 90 days before a Participant's Annuity Starting Date the Plan Administrator shall provide to him a written explanation of (i) the terms and conditions of a Qualified Joint and Survivor Annuity, (ii) the Participant's right to make, and the effect of, an election to waive the Qualified Joint and Survivor Annuity form of benefit, (iii) the rights of the Participant's spouse, and (iv) the right to make, and the effect of, a revocation of a previous election to waive the Qualified Joint and Survivor Annuity.

Straight Life Annuity means a benefit payable in equal monthly installments to the Participant for his life with no benefits payable after his death.

Straight Life Annuity means an annuity payable in equal installments for the life of the Participant that terminates on the Participant’s death.

Straight Life Annuity means retirement income in the form of monthly payments for life with no Surviving spouse's benefit.

Straight Life Annuity means an annuity payable in equal installments for the life of a member that terminates upon the member's death.

Straight Life Annuity means the annuity form of benefit payment described in Section 10.3(a).