SYSTEMATIC WITHDRAWAL OPTION definition

SYSTEMATIC WITHDRAWAL OPTION. Any Participant who: (a) is at least age fifty-nine and one-half (59 1/2), or (b) is disabled and receiving Social Security disability benefits, or (c) is separated from service with the Contractholder may elect this option. A Participant must also have a vested Participant Account balance of at least ten thousand dollars ($10,000) of pre-tax Contributions under this Contract at the date of the election. Amounts held for a spousal payee under a Qualified Domestic Relations Order (QDRO) shall be recognized as eligible for the Systematic Withdrawal Option. Any spousal payee who wishes to elect this distribution option must also meet the minimum ten thousand dollar ($10,000) Account balance requirement and either the age or disability requirement as discussed above. A Participant may elect to receive monthly, quarterly, semi-annual, or annual payments in a flat amount or payments on a monthly basis for an interest equivalency amount. An interest equivalency amount is an approximation of the interest earned between each payment period based upon the interest rate in effect at the beginning of each respective payment period. This amount will be determined by LL&A. (See Attachment I for illustration.) A Participant may change the frequency, payment type, or payment amount of his Systematic Withdrawal Option by submitting a request in writing on a form acceptable to LL&A. A Participant may make such a change only once during each calendar year. A Participant may at any time direct LL&A to cease payments under this option provided the request is made in writing. A Participant who chooses to stop receiving systematic withdrawals may not request that any systematic withdrawal payments begin again until the next calendar year. Form No.: GAC 96-101 (NY) 20 Systematic withdrawals shall be withdrawn from amounts allocated to the Guaranteed Interest Division of the Participant's Account balance. If the balance of the Guaranteed Interest Division is not sufficient to meet the payment amount requested, the Participant, in writing, may direct LL&A on a form acceptable to LL&A to transfer the appropriate amount to the Guaranteed Interest Division; otherwise, such payment will cease. LL&A will deduct the Systematic Withdrawal Set-Up Charge indicated in Section 1.10 from the Participant's Account balance each time a Systematic Withdrawal Option is established. Payments under this option shall stop upon the earliest of the following events: (a) On the date of the Participant's ...
Sample 1Sample 2
SYSTEMATIC WITHDRAWAL OPTION. [Is Available] (SWO): The Specified Payment may not be greater than [20%] of the Individual Account's Current Value at the time of election. The Specified Period may not be less than [five years]. The Specified Percentage may not be greater than [20%].
Sample 1

Examples of SYSTEMATIC WITHDRAWAL OPTION in a sentence

  • Following deposit of the Xxxxxxx Money and during the remaining term of this PSA, Escrow Agent shall hold the Xxxxxxx Money in accordance with the Escrow Conditions set forth in Exhibit C hereto.

  • SYSTEMATIC WITHDRAWAL OPTION RIDER, IF ANY.........................................................................

Related to SYSTEMATIC WITHDRAWAL OPTION

  • Free Withdrawal Amount ’ means an amount equal to the percentage, stated in the Data Pages, of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year that may be withdrawn each Contract Year without incurring a Withdrawal Charge. We have the right to change the Free Withdrawal Amount, but it will always be a percentage between 5% and 30% if so provided in the Data Pages.

  • Final Withdrawal Notice Has the meaning specified in Section 5.02 of this Trust Supplement.

  • Single Withdrawal Tranche means the amount of the Loan allocated to the category entitled “Single Withdrawal Tranche” in the table set forth in Part B of Section II of Schedule 1 to this Agreement.

  • Cash Withdrawal means a disbursement of funds in any currency from any Account out of the balance in your favour (whether or not in the form of cash) made or obtained through or in connection with any Citibank ATM/ Debit Card.

  • Withdrawal Notice shall have the meaning given in Section 2.1.6.

  • Withdrawal Period has the meaning specified in Section 10.23(b).

  • Withdrawal Event means the earliest to occur of any event which causes a Partner to cease to be a Partner, and to become a Former Partner, as set forth in Section 1.29.

  • Withdrawal value means a Participant's Account Value minus the applicable Withdrawal Charge. (transfer from GRA III NBR/GAA III NBR -- Series I) (original GRA I NBR/GAA I NBR -- Series I) P-14020(SBR)(MBR)(NBR)conv.6

  • Final Withdrawal Date Has the meaning specified in the Escrow Agreement.

  • Withdrawal Date Any day during the period commencing on the 18th day of the month of the related Distribution Date (or if such day is not a Business Day, the immediately preceding Business Day) and ending on the last Business Day prior to the 21st day of the month of such Distribution Date. The “related Due Date” for any Withdrawal Date is the Due Date immediately preceding the related Distribution Date.

  • Suspension/Withdrawal Event means, in respect of the Benchmark:

  • Firm Transmission Withdrawal Rights means the rights to schedule energy and capacity withdrawals from a Point of Interconnection of a Merchant Transmission Facility with the Transmission System. Firm Transmission Withdrawal Rights may be awarded only to a Merchant D.C. Transmission Facility that connects the Transmission System with another control area. Withdrawals scheduled using Firm Transmission Withdrawal Rights have rights similar to those under Firm Point-to-Point Transmission Service.

  • Event of withdrawal of a general partner means an event that causes a person to cease to be a general partner as provided in section 402.

  • Yield Supplement Withdrawal Amount means, with respect to any Collection Period and the related Deposit Date, the lesser of (a) the amount on deposit in the Yield Supplement Account and (b) the sum of (i) the Yield Supplement Amount and (ii) after giving effect to the withdrawal of the Yield Supplement Amount, the amount by which the amount on deposit in the Yield Supplement Account exceeds the Maximum Yield Supplement Amount.

  • Transmission Withdrawal Rights means Firm Transmission Withdrawal Rights and Non- Firm Transmission Withdrawal Rights.

  • Market Withdrawal means a Person’s Removal or Correction of a distributed product which involves a minor violation that would not be subject to legal action by the FDA or which involves no violation, e.g., normal stock rotation practices, routine equipment adjustments and repairs, etc.

  • Notice of Purchase Withdrawal Has the meaning specified in the Deposit Agreement.

  • Final Withdrawal Has the meaning specified in the Escrow Agreement.

  • Withdrawal Order is defined in Section 6.

  • Excess Withdrawal is a withdrawal of Account Value that exceeds the Free Withdrawal Amount. This term may not apply to your Contract.

  • Market Participant Energy Withdrawal means transactions in the Day-ahead Energy Market and Real-time Energy Market, including but not limited to Demand Bids, Decrement Bids, real-time load (net of Behind The Meter Generation expected to be operating, but not to be less than zero), internal bilateral transactions and Export Transactions, as further described in the PJM Manuals.

  • withdrawal agreement means an agreement (whether or not ratified) between the United Kingdom and the EU under Article 50(2) of the Treaty on European Union which sets out the arrangements for the United Kingdom's withdrawal from the EU.

  • Repurchase Request Withdrawal As defined in Section 2.03(a) of this Agreement.

  • No-Firm Transmission Withdrawal Rights means the rights to schedule energy withdrawals from a specified point on the Transmission System. Non-Firm Transmission Withdrawal Rights may be awarded only to a Merchant D.C. Transmission Facility that connects the Transmission System to another control area. Withdrawals scheduled using Non-Firm Transmission Withdrawal Rights have rights similar to those under Non-Firm Point-to-Point Transmission Service.

  • 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.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.