Common use of ANNUITY ELECTIONS Clause in Contracts

ANNUITY ELECTIONS. A Participant may, upon notice to Prudential, elect to have his Participant's Accounts applied to purchase an annuity for him but only under the conditions permitted by the Plan, if any. The dollar value of the Accounts will be applied. The schedule of annuity purchase rates that applies is determined from Schedule A. The monthly amount of any annuity is determined from the schedule of purchase rates for that annuity. As of the first day no amounts remain in any of the Participant's Accounts under this contract or in an Account for him under a companion contract, his Accounts hereunder are cancelled. If the Participant's Accounts have not been cancelled before the month in which he reaches the latest age at which he is permitted to defer his distribution under law, a 120 monthly Payment Certain annuity will be purchased for him at the beginning of that month (see section 4.4).

ANNUITY ELECTIONS. A Participant may, upon notice to Prudential, elect to have his Participant's Accounts applied to purchase an annuity for him but only under the conditions permitted by the Plan, if any. The dollar value of the Accounts will be applied. The schedule of annuity purchase rates that applies is determined from Schedule A. The monthly amount of any annuity is determined from the schedule of purchase rates rate for that annuity. As of the first day no amounts remain in any of the Participant's Accounts under this contract or in an Account for him under a companion contract, his Accounts hereunder are cancelled. If the Participant's Accounts have not been cancelled before the month in which he reaches the latest age at which he is permitted to defer his distribution under law, a 120 monthly Payment Certain annuity will be purchased for him at the beginning of that month (see section 4.4).