Withdrawal benefit definition

Withdrawal benefit means the benefit determined in terms of these rules payable when a member leaves the Fund other than through death, retirement or retrenchment.
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Withdrawal benefit means the accumulated deposits of a member on withdrawal which have been made in one lump sum unless specifically provided otherwise in this Act.
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Withdrawal benefit means the minimum Benefit which must be paid to a Member on the Member's withdrawal from the Fund as prescribed by the Relevant Law.
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Examples of Withdrawal benefit in a sentence

  • Existing SchemeYour entitlement from the Existing Scheme will be in the form of one of the following benefits:• Retirement benefit.• Permanent incapacity benefit.• Death benefit.• Transfer benefit.• Withdrawal benefit.

  • If the Participant dies before the Guaranteed Withdrawal Lock-In Date, and at the time of the Participant’s death a surviving Spouse is the sole Beneficiary, then the surviving Spouse may continue this Annuity and the Guaranteed Withdrawal benefit to the extent permitted by the Code.

  • If the Purchaser dies before the Guaranteed Withdrawal Lock-In Date, and at the time of the Purchaser’s death a surviving Spouse is the sole Beneficiary, then the surviving Spouse may continue this Annuity and the Guaranteed Withdrawal benefit to the extent permitted by the Code.

  • Payment of benefits takes an average of 20 working days for Age Benefit (AB), 30 days for Withdrawal benefit (WB), 40days for Emigration Grant (EG),40 days for Invalidity Benefit (IB), 40 days for Exempted Employment Benefit (EE), and 60 days for Survivors Benefit(SB), as opposed to the expected benefits processing standard 2009/2010 where by AB should be paid in 12 days, WB 16days,EG 16day,IB 22days, EE 18 days, SB 40 days respectively.

  • In this chapter we introduce the concept of the variable annuity contract under the Guaranteed Minimum Withdrawal benefit (GMWB) rider.

  • PLEASE NOTE:a)Once the Enhanced Income Lifetime Withdrawal benefit is started, all previous systematic withdrawals (including RMD, 72(t)) will be discontinued.b)If you elect the Joint Lifetime payout, the increase in income payments from the Enhanced Benefit Provision will no longer be available.

  • If, on the last Valuation Date of any GMAB Term, the Contract is annuitized, the death of the Owner occurs, or a full Withdrawal of Contract Value is made, the Contract Value will reflect any such additional amount, prior to the payment of any annuity, death or full Withdrawal benefit.

  • Withdrawal benefit utilization assumptions consider the number and timing of policyholders electing the benefits.

  • We will allow interest, at a rate of at least 3% annually, on any Net Cash Surrender Value or Withdrawal benefit derived from the Fixed Account that we defer for 30 days or more.

  • The Guaranteed Lifetime Withdrawal benefit will be paid on the same payment schedule in accordance with your previous LWA payment instructions or in accordance with our administrative policies at the time.Where the Two-Life Income Stream applies, then upon the death of the Annuitant or Second Life (whichever is earlier), the LWA will continue to be available until the death of the survivor of the Annuitant and the Second Life.


More Definitions of Withdrawal benefit

Withdrawal benefit means any benefit to which a Member may be entitled in terms of Part VI upon ceasing to be in Qualifying Service before the Normal Retirement Date for any reason other than death.
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Withdrawal benefit means a Benefit payable in accordance with clause 15.2; Withdrawal Fund has the meaning specified in clause 12.1; and
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Withdrawal benefit means a Participant’s Participant Contributions plus interest credited under Section 6.3.
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Withdrawal benefit means the benefits entitled to be paid under the plan to a member who leaves parliamentary service prior to reaching the retire- ment age for any reason other than death:
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Related to Withdrawal benefit

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

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

  • 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

  • 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.

  • 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.

  • 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).

  • Special benefit means, for purposes of a property-based district, a particular and distinct benefit over and above general benefits conferred on real property located in a district or to the public at large. Special benefit includes incidental or collateral effects that arise from the improvements, maintenance, or activities of property-based districts even if those incidental or collateral effects benefit property or persons not assessed. Special benefit excludes general enhancement of property value.

  • 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.

  • 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.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • 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.

  • 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.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Retirement Benefit means the benefit set forth in Article 5.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • SERP Benefit means the benefit described in Section 5.1.

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

  • Termination Benefit means the benefit set forth in Article 7.

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • 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.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Accrued Benefit have the meanings specified in ERISA.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Withdrawal Order is defined in Section 6.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially 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 Member would be entitled under the terms of the plan assuming: