The Lifetime Income Date definition

The Lifetime Income Date is the Contract Anniversary on or after the later of (a) the date the younger of the Annuitant or any co-Annuitant reaches the Lifetime Income Age or (b) the Minimum Holding Period Expiration date as shown on the Specifications Page. BENEFIT BASE - INITIAL AND The initial Benefit Base equals the greater of MAXIMUM the Payment or the Benefit Base Percentage multiplied by the Transferred Benefit Base. The Benefit Base is available only for the purpose of the Lifetime Income Benefit. It can not be withdrawn as a lump sum. The Benefit Base shall not exceed the Maximum Benefit Base amount shown on the Specifications Page. BENEFIT BASE - IMPACT OF On the first Contract Anniversary and each BENEFIT ENHANCEMENT Contract Anniversary on and prior to the first withdrawal after the Lifetime Income Date, we will determine a Benefit Enhancement amount and apply it to the Benefit Base, provided no withdrawals are taken during the previous Contract Year. The Benefit Enhancement amount is equal to the Benefit Enhancement Percentage multiplied by the Benefit Base as of the beginning of the previous Contract Year. The Benefit Enhancement Percentage is shown on the Specifications Page. BENEFIT BASE - IMPACT OF At the time of the first withdrawal on or after STEP-UP the Lifetime Income Date, if the Contract Value on the Contract Anniversary prior to that withdrawal on or after the Lifetime Income Date is greater than the Benefit Base including any Benefit Enhancement we will automatically Step-Up the Benefit Base to the greater amount.
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The Lifetime Income Date is the Certificate Anniversary on or after the later of (a) the date the younger of the Annuitant or any co-Annuitant reaches the Lifetime Income Age or (b) the Minimum Holding Period Expiration. We reserve the right to establish a new Minimum Holding Period equal to the Minimum Holding Period Duration listed in the Specifications, if Additional Payments in any Certificate Year prior to the Lifetime Income Date exceed the Benefit Base multiplied by the Payment Limit Percentage. BENEFIT BASE - INITIAL The initial Benefit Base equals the greater of the Initial Payment or the Benefit Base Percentage multiplied by the Transferred Benefit Base. The Benefit Base is available only for the purpose of the Lifetime Income Benefit. It can not be withdrawn as a lump sum. BENEFIT BASE - IMPACT OF Each time an Additional Payment is received prior ADDITIONAL PAYMENTS to the Lifetime Income Date, the Benefit Base will increase by the amount of that Additional Payment. After the Lifetime Income Date, an increase to the Benefit Base due to an Additional Payment is determined as follows:
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Examples of The Lifetime Income Date in a sentence

  • LIFETIME INCOME DATE The Lifetime Income Date is the earliest date on which the initial LIA is calculated.

  • LIFETIME INCOME DATE The Lifetime Income Date is the date on which the initial LIA is calculated.

  • The Lifetime Income Date is shown on the Specifications Page You may notify us to defer the start of LIA distributions or to stop LIA distributions after they have begun.

  • The Lifetime Income Date is shown on the Specifications Page LIFETIME INCOME AMOUNT (LIA) The initial LIA is equal to the Lifetime Income Percentage multiplied by the greater of (a) the Contract Value on the Lifetime Income Date or (b) gross Payments reduced in the same proportion as any withdrawal after the Contract Date and prior to the Lifetime Income Date divided by the Contract Value immediately prior to the withdrawal.

  • The Lifetime Income Date is shown on the Specifications Page You may notify us to defer the start of LIA payments or to stop LIA payments after they have begun.

  • The Lifetime Income Date is the Certificate Anniversary on or after the later of (a) the date the younger of the Annuitant or any co-Annuitant reaches the Lifetime Income Age or (b) the Minimum Holding Period Expiration date as shown on the Specifications Page.

  • LIFE INCOME DATE The Lifetime Income Date is the date on which the initial LIA is calculated.

  • The Lifetime Income Date is the Certificate Anniversary on or after the later of (a) the date the Annuitant reaches the Lifetime Income Age or (b) the Minimum Holding Period Expiration date as shown on the Specifications Page.

Related to The Lifetime Income Date

  • Income year means any year or accounting period beginning 1 July of one calendar year and ending 30 June of the following calendar year or any other period that the Trustees by resolution adopt;

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Semi-Annual Distribution Date means the "Distribution Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions--Semi-Annual Distributions" in the Prospectus Part I for a Trust.

  • Quarterly Distribution Date means the last Business Day of the month following the end of each calendar quarter after the Effective Date; provided, however, that if the Effective Date is within 45 days of the end of a calendar quarter, the first Quarterly Distribution Date will be the last Business Day of the month following the end of the first calendar quarter after the calendar quarter in which the Effective Date falls.

  • Ordinary time earnings means the salary, wage or other remuneration regularly received by the employee in respect of the time worked in ordinary hours and shall include shift work penalties, payments which are made for the purpose of District or Location Allowances or any other rate paid for all purposes of the award to which the employee is entitled for ordinary hours of work. Provided that "ordinary time earnings" shall not include any payment which is for vehicle allowances, fares or travelling time allowances (including payments made for travelling related to distant work), commission or bonus.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Retirement Date means the date as of which a Participant retires for reasons other than Total and Permanent Disability, whether such retirement occurs on a Participant's Normal Retirement Date or Late Retirement Date (see Section 6.1).

  • Average Annual Compensation shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Regular Distribution Dates means each June 15 and each December 15, commencing on December 15, 2016; provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • Deferred Retirement Date means, in the case of any Participant who continues in employment after his Normal Retirement Date, the first day of any month following his actual retirement.

  • Postponed Retirement Date means the first day of the month coincident with or next following a Participant’s date of actual retirement which occurs after his Normal Retirement Date.

  • Final average salary means whichever of the following is greater:

  • Distribution Calendar Year means a calendar year for which a minimum distribution is required. The first Distribution Calendar Year is the calendar year immediately preceding the calendar year that contains the Participant’s Required Beginning Date and the last Distribution Calendar Year is the calendar year that contains the Participant’s date of death. The required minimum distribution for the Participant’s first Distribution Calendar Year shall be made on or before the Participant’s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which the Participant’s Required Beginning Date occurs, shall be made on or before December 31 of that Distribution Calendar Year.

  • Vesting Date has the meaning set forth in Section 3.10(c)(ii).

  • 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.

  • Par Call Date means July 15, 2028.

  • Regular Distribution Date Replacement Liquidity Facility", "Responsible Officer", "Scheduled Payment", "Special Payment", "S&P", "Stated Interest Rate", "Subordination Agent", "Taxes", "Threshold Rating", "Trust Agreement", "Trustee", "Underwriters", "Underwriting Agreement", "United States" and "Written Notice".

  • Semi-Annual Period means each of: the period beginning on and including January 1 and ending on and including June 30; and the period beginning on and including July 1 and ending on and including December 31.

  • Income Account Distribution Date means the "Distribution Dates" set forth in the "Essential Information" in the Prospectus.