ANNUAL ANNUITY EQUIVALENT Sample Clauses

ANNUAL ANNUITY EQUIVALENT. 2 1.4. BENEFICIARY......................................................... 2 1.5. CALENDAR YEAR....................................................... 2 1.6.
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ANNUAL ANNUITY EQUIVALENT for a 401(k) plan or other defined contribution plan shall be equal to the annual benefit that would be payable pursuant to a single life annuity with equal annual payments, commencing on the Normal Retirement Age and continuing for the Executive's life, that could be purchased with the amount assumed to be available for such purchase pursuant to this Section 1.3. The annual benefit payable under such annuity shall be determined as of the Payment Date, using the Agreed-Upon Methodologies. For purposes of this Section 1.3, the amount available for the purchase of said annuity shall be assumed to be the total of: (i) all amounts actually contributed by the employer as matching contributions or other contributions to the defined contribution plan on the Executive's behalf (which contributions shall not include the so-called "individual contributions" on the Executive's behalf (it being understood that such "individual" contributions are made by the employer pursuant to a salary reduction agreement with the Executive)), plus (ii) earnings on those contributions. For purposes of calculating any amount of earnings that are to be deemed to have been earned during any future period, such earnings shall be deemed to be equal to the amount which would have been earned if the balance in the account as of such date of calculation had been invested at the rate of interest, compounded annually, that had been earned on such contributions during the period from the date of this Agreement to the date of calculation. Nothing in this Section 1.3 shall require the Executive to actually purchase an annuity or to actually surrender any life insurance contract at retirement.
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ANNUAL ANNUITY EQUIVALENT for the Company’s defined contribution plans shall be equal to the annual benefit payable from a single life annuity on the Executive’s life as of the time for which the value is to be calculated, which value shall be determined on the basis of the discount rates, mortality tables and other assumptions expressed in Section 417(e) of the Code. For purposes of this Section 1.3, the amount available to invest in said annuity shall be deemed to be the total of: (i) all amounts actually contributed by the Company as matching contributions to the defined contribution plan on the Executive’s behalf, plus (ii) earnings on those matching contributions. Such earnings shall be deemed to be equal to the amount which would have been earned if the balance in the account (including amounts deemed to have been earned thereon pursuant to this Section 1.3) had been invested at the ten year average of the ten (10) year Treasury Bond rate (5.917%). Nothing in this Section 1.3 shall require the Executive to actually purchase an annuity or to actually surrender any life insurance contract at retirement.
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ANNUAL ANNUITY EQUIVALENT. 1.6. BENEFICIARY
Sample 1
ANNUAL ANNUITY EQUIVALENT. (a) for the Pension Plan shall be equal to the annual benefit payable under the Pension Plan if all Pension Plan benefits were being paid as a single life annuity; and (b) for a defined contribution plan shall be equal to the annual benefit payable from a single life annuity on the Executive's life from a company holding at least an AA rating from Xxxxx'x, Standard & Poor's or an equivalent rating service. For purposes of this section, the amount available to invest in said annuity shall be assumed to be the total of the employer's matching contributions to the defined contribution plan on the Executive's behalf, calculated as all amounts actually contributed by the employer as matching contributions to the defined contribution plan plus earnings.
Sample 1

Related to ANNUAL ANNUITY EQUIVALENT

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

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

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Annual Equity Awards Following the first anniversary of the Effective Date, Executive will be granted annual equity awards in an amount determined by the Board. Such awards may be in the form of options, restricted stock units, performance shares, or any other form as approved by the Board.

  • Annuity Plan Teachers will be eligible to participate in a “tax sheltered” annuity plan established pursuant to United States Public Law No. 87-370.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

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