Annuity Payout Options Sample Clauses

Annuity Payout Options. The Certificate Holder may choose to receive Annuity Payments under one of the following options:
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Annuity Payout Options. The Contract Holder may choose to receive Annuity Payments under one of the following options:
Sample 1Sample 2Sample 3
Annuity Payout Options. General Provisions • At least $2,000 must be applied under an annuity payout option. If the Accumulation Value (less any applicable annuity taxes not previously paid) is less than $2,000 on the Annuity Commencement Date, the amount will be paid to the payee in one sum and the contract will be cancelled. • The interest rate used to compute the present value of any remaining unpaid payments will be the same interest rate (or AIR for variable payments) used when first determining the annuity payments. • We reserve the right to change the frequency of payment if monthly annuity payments are or become $20 or less. • We require satisfactory proof in Good Order of the age and sex, if applicable, of the Annuitant prior to the date annuity payments begin. • The annuity payout options will not be available with respect to any part of the proceeds payable to an assignee or to other than a natural person entitled to receive proceeds, except with our consent. • The Owner or any payee does not have the right to advance or assign payments made under an annuity payout option. • To the extent permitted by law, the death benefit and the payments made under an annuity payout option will not be subject to encumbrance, or to the claims of creditors or legal process. • The greater of the guaranteed settlement option rates or the rates currently in use on the Annuity Commencement Date are to be used. • Unless otherwise specified, annuity payout options described in the Basic Contract are irrevocable and have no Surrender Value. VARIABLE ANNUITY PAYOUT OPTION TABLES VARIABLE ANNUITY RATES FOR THE FIRST MONTHLY VARIABLE ANNUITY PAYMENT PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED Option V-1 Option V-2 Option V-3 Joint and Two-Thirds Survivor Annuity Life Annuity No Guaranteed Period Life Annuity 10 year Guaranteed Period Female Age Unisex Age Age M F U M F U Male Age 5 Yrs Less Same Age 5 Yrs Older Unisex Age 5 Yrs Less Same Age 5 Yrs Older 40 3.45 3.36 3.40 3.45 3.36 3.39 40 3.31 3.35 3.40 40 3.30 3.35 3.40 41 3.48 3.38 3.42 3.48 3.38 3.42 41 3.33 3.37 3.43 41 3.32 3.37 3.42 42 3.50 3.40 3.44 3.50 3.40 3.44 42 3.34 3.39 3.45 42 3.34 3.39 3.44 43 3.53 3.42 3.46 3.53 3.42 3.46 43 3.36 3.41 3.47 43 3.36 3.41 3.46 44 3.56 3.44 3.49 3.56 3.44 3.49 44 3.38 3.44 3.50 44 3.38 3.43 3.49 45 3.59 3.47 3.51 3.59 3.47 3.51 45 3.40 3.46 3.53 45 3.40 3.45 3.52 46 3.62 3.49 3.54 3.62 3.49 3.54 46 3.43 3.49 3.55 46 3.42 3.48 3.54 47 3.65 3.52 3.57 3.65 3.52 3.57 47 3.45 3.51 3.58 47 3.44 3.50 3...
Sample 1
Annuity Payout Options. You may select an annuity payout by sending us a written request. Your request must be received by us at least 30 days before the annuity payout is scheduled to begin. If you have not selected a required minimum distribution payment method, we will provide an annuity payout option to you at age 85, unless you notify us otherwise in writing. The following options are available for annuity payouts: Option One
Sample 1
Annuity Payout Options. Annuity Payout Option 1 - Payments for a specified period: ---------------------------------------------------------- Payments are made for the number of years specified by the Certificate Holder. The number of years must be at least five and not more than 30. Annuity Payout Option 2 - Life income based on the life of one -------------------------------------------------------------- Annuitant: ---------- When this option is elected, the Certificate Holder must choose one of the following:
Sample 1
Annuity Payout Options. Annuity Payout Option 1 - Payments for a specified period: Payments are made for the number of years specified by the Certificate Holder. The number of years must be at least ten and not more than 30. Annuity Payout Option 2 - Life income based on the life of one Annuitant: When this option is elected, the Certificate Holder must choose one of the following:
Sample 1
Annuity Payout Options. The amount of any variable annuity payments after the first will increase or decrease according to the value of the variable Annuity Units, which reflect the investment experience of the Variable Investment Option(s) elected. The amount of each variable annuity payment under a variable annuity payout option depends upon an assumed investment return (AIR) chosen by the owner. The effective annual AIR chosen can be: • 0%; or
Sample 1
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Related to Annuity Payout Options

  • ANNUITY PAYMENT OPTIONS a. Life Annuity / Life Annuity with Certain Period -- Fixed and/or Variable Annuity Payments will be made for the lifetime of the Annuitant with no Certain Period, or life and a 10 year Certain Period, or life and a 20 year Certain Period.

  • ANNUITY PAYMENTS If the Annuitant is living and this contract is in force on the Annuity Commencement Date, based on the election we have on record we will begin to make annuity payments under one of the payout options below or any other payout option we make available. You may elect for payments to be made monthly, quarterly, semi-annually or annually or any other frequency that we make available. If no election is made as of the Annuity Commencement Date, payments will be made monthly under Fixed Annuity Payout Option F-2 with a guaranteed period of 10 years. If annuity payout option F-3 is chosen, you must select a joint Annuitant prior to the Annuity Commencement Date. All annuity payments are based on: • the age and sex (if a Non-Qualified Contract) of the Annuitant at the birthday nearest the Annuity Commencement Date; • the Accumulation Value on the Annuity Commencement Date less any annuity taxes; • the annuity payout option elected; and • the annuity payout frequency. Payee Unless you request otherwise, the payee of any annuity payments will be the first among the following who is living at the time the payment is to be made: • any surviving Owner or joint Owner; if none then • any surviving Primary Beneficiary; if none then • any surviving Contingent Beneficiary. If no payees are living and a guaranteed period has not ended, the present value of any remaining payments will be paid to the estate of the last remaining payee. Annuity Payout Options You may elect to receive annuity payments from one of the following options or any other option we make available. Unless stated otherwise, once annuity payments begin you may not change the Annuitant, payout option, guaranteed period or, in the case of option F-3, the survivor percentage. Life Annuity without Guaranteed Period (Option F-1) We will make fixed annuity payments during the lifetime of the Annuitant. We do not guarantee a minimum number of annuity payments under this option. Payments stop once the Annuitant dies. Life Annuity with Guaranteed Period (Option F-2) We will make fixed annuity payments during the lifetime of the Annuitant. Payments are guaranteed for any number of full years between 1 and 30. The length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the life expectancy of the Annuitant. If the Annuitant dies before the end of the guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum. Joint and Survivor Annuity (Option F-3) We will make fixed annuity payments while the Annuitant and joint Annuitant are living and during the survivor’s remaining lifetime. Based on your selection, payments may have no guaranteed period or may have a guaranteed period for any number of full years between 1 and 30. If you select a guaranteed period, the length of the guaranteed period must be elected prior to receiving any annuity payments, and cannot exceed the joint life expectancy of the Annuitants. When the Annuitant or the joint Annuitant dies, payments based on a percentage of the payment in effect while both were living will continue for the lifetime of the survivor. The percentage may be any percentage between 5% and 100%. The percentage must be elected prior to receiving the first annuity payment. If both the Annuitant and joint Annuitant die before the end of any guaranteed period, we will pay the balance of the payments for the remainder of that period, unless you elect to be paid the present value of the current dollar amount of the then remaining annuity payments in a lump sum.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Fixed Annuity Payments The minimum guaranteed income purchased per $1,000 of the net amount applied to a fixed annuity is based on an annual interest rate of 3% and the 1983a Mortality Table with the ages set back ten (10) years. Conversion to Current Rates – Annuity payments will be based on the greater of: • our current income factors in effect for this Contract on the Annuity Date; or • our guaranteed income factors. The dollar amount of any payments after the first annuity payment is specified during the annuity payment period according to the provisions of the elected Annuity Option.

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof:

  • ANNUITY Payment of an income:

  • Initial Equity Award Upon or as soon as practicable after the Effective Date, the Company will award Executive restricted stock units and stock options to purchase shares of the Company’s common stock, with an aggregate grant date fair market value as determined by the Board for accounting purposes of $1,200,000. Such restricted stock units or stock options, as applicable, to vest ratably over 4 years (25% each year). Allocation between restricted stock units and stock options to be determined by the Board.

  • Investment Options In accordance with Section 4(b), the Named Fiduciary hereby directs the Trustee that participants’ individual accounts may be invested in the following investment options: • ASB Money Market Account • Fidelity Diversified International Fund • Fidelity Freedom 2000 Fund® • Fidelity Freedom 2005 FundSM • Fidelity Freedom 2010 Fund® • Fidelity Freedom 2015 FundSM • Fidelity Freedom 2020 Fund® • Fidelity Freedom 2025 FundSM • Fidelity Freedom 2030 Fund® • Fidelity Freedom 2035 FundSM • Fidelity Freedom 2040 Fund® • Fidelity Freedom Income Fund® • Fidelity Magellan® Fund • Fidelity Overseas Fund (frozen to new investments effective April 1, 2004) • Fidelity Puritan® Fund • Fidelity Retirement Money Market Portfolio • Fidelity U.S. Bond Index Fund • HEI Common Stock Fund • INVESCO Dynamics Fund • Xxxxxx Xxxxxxx Institutional Fund, Inc. International Equity Portfolio - Class B • Xxxxxx Xxxxxxx Institutional Fund Trust Value Portfolio – Adviser Class • Xxxxxxxxx Xxxxxx Partners Fund – Trust Class • Spartan U.S. Equity Index Fund • X. Xxxx Price Small-Cap Stock Fund The investment option referred to in Section 4(c) and Section 4(d)(v)(B)(5) shall be the ASB Money Market Account. HAWAIIAN ELECTRIC INDUSTRIES, INC. BY: HAWAIIAN ELECTRIC INDUSTRIES, INC. PENSION INVESTMENT COMMITTEE By: /s/ Xxxx X. Xxxxxx 1/23/04 Date By: /s/ Xxxxx X. Xxxxx 1/23/04 Date Xxxx X. Xxxxxx Xxxxx X. Xxxxx Chairman

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

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