ANNUITY PAYMENT OPTION Clause Samples

ANNUITY PAYMENT OPTION. Employees who waive health benefits may opt to invest in a 403(B) Tax Sheltered Annuity. This option shall be terminated at any time the Board contributions to annuities on behalf of the Board do not satisfy the non-discrimination requirements of section 403(B) or section 89 of the Internal Revenue Code and alternatives to this option will be mutually agreed to. This annuity plan must be on the Board’s adopted list for authorized payroll deductions.

ANNUITY PAYMENT OPTION. One of several ways in which the Accumulated Value of this Contract can be paid. Under a Fixed Annuity Option, the dollar amount of each Annuity Payment does not change over time. Under a Variable Annuity Option, the dollar amount of each Annuity Payment may change over time, depending upon the investment experience of the underlying portfolio or portfolios you choose. Annuity Payments are based on the Contract’s Accumulated Value as of 10 Business Days prior to the Annuity Date. Unit of measure used to calculate Variable Annuity Payments.

ANNUITY PAYMENT OPTION. 15 8 Beneficiary.............................................

ANNUITY PAYMENT OPTION. 2 11.1 Election of Annuity Payment Option.............................................................2 11.2 Fixed Dollar Annuity Payment Options..........................................................15

ANNUITY PAYMENT OPTION. Employees may opt to invest in a 403(b) or 457 Tax Sheltered Annuity.