Annuity Purchases Clause Samples
The "Annuity Purchases" clause defines the terms and conditions under which an annuity is to be bought, typically as part of a retirement or pension plan. It outlines the process for selecting an annuity provider, the timing of the purchase, and the specific type of annuity to be acquired, such as a fixed or variable annuity. This clause ensures that the transition from a lump sum or accumulated fund to a stream of periodic payments is handled in a structured and predictable manner, thereby providing financial security and clarity for beneficiaries.
Annuity Purchases. Prior to notification of Contract termination, the Contractholder may withdraw all or a portion of your Account Value (subject to Section 7.5) to provide an annuity, reflecting Plan benefits. Such a withdrawal is not subject to a Withdrawal Charge. On receipt of an annuity purchase request, we transfer your entire Participant Account to a suspense account. These amounts remain in the suspense account until your Annuity Commencement Date, when the full balance (including interest) is applied to purchase the annuity. The Contractholder's annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If you or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which the Contractholder may apply to purchase an annuity is $5,000.
Annuity Purchases. Prior to notification of contract termination (but not thereafter), you may withdraw all or a portion of a Participant's Account Value to provide an annuity reflecting Plan benefits. Such a withdrawal is not subject to a Withdrawal Charge or Market Value Adjustment. [On the date we receive an annuity purchase request, we transfer the entire Participant Account to the FIA if it is an available Investment Option, otherwise to the AUL Money Market Investment Account. Such amounts remain in the FIA or the AUL Money Market Investment Account until the full Account Value (reflecting gains and losses) is applied to purchase the annuity on the last day of the month preceding the Annuity Commencement Date. As of that annuity purchase date, such Participant Account funds are no longer maintained in this contract.] Your annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If the Participant or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which you may apply to purchase an annuity is [$10,000].
Annuity Purchases. Prior to notification of contract termination (but not thereafter), you may withdraw all or a portion of your Account Value to provide a Plan benefit in the form of an annuity. Such a withdrawal is not subject to a Withdrawal Charge. On the date we receive an annuity purchase request, we transfer the entire amount requested to the [FIA]. Such amounts remain in the [FIA] until the full amount ([plus interest]) is applied to purchase the annuity on the last day of the month preceding the Annuity Commencement Date. As of that annuity purchase date, such funds are no longer maintained in this contract. Your annuity purchase request must specify the purpose for the annuity, the Participant's name, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If the Participant or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount that you may apply to purchase an annuity is [$10,000].
Annuity Purchases. Prior to notification of contract termination (but not thereafter), the Contractholder may withdraw all or a portion of a your Account Value to provide an annuity reflecting Plan benefits. Such a withdrawal is not subject to a Withdrawal Charge or Market Value Adjustment. [On the date we receive an annuity purchase request, we transfer your entire Participant Account to the FIA if it is an available Investment Option, otherwise to the AUL Money Market Investment Account. Such amounts remain in the FIA or the AUL Money Market Investment Account until the full Account Value (reflecting gains and losses) is applied to purchase the annuity on the last day of the month preceding the Annuity Commencement Date. As of that annuity purchase date, your Participant Account funds are no longer maintained in the contract.] The Contractholder's annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If you or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount that the Contractholder may apply to purchase an annuity is [$10,000].
Annuity Purchases. Prior to notification of contract termination, you may withdraw all or a portion of your Account Value to provide a Plan benefit in the form of an annuity. Such a withdrawal is not subject to a Withdrawal Charge. The annuity is purchased on the last day of the month preceding the Annuity Commencement Date. As of that annuity purchase date, such funds are no longer maintained in this contract. Your annuity purchase request must specify the purpose for the annuity, the Participant’s name, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If the Participant or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which you may apply to purchase an annuity is $10,000.
Annuity Purchases. You may withdraw all or a portion of your Account Value (subject to Section 8.4, and minus your outstanding loan balance under the Contract and any unpaid expense charges due on such loans) to provide an annuity, reflecting benefits. Such a withdrawal is not subject to a Withdrawal Charge. On receipt of an annuity purchase request, we transfer your entire Participant Account to the FIA. Such amounts remain in the FIA until the Annuity Commencement Date, when the full balance (including interest) is applied to purchase the annuity. Your annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If you or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which you may apply to purchase an annuity is $5,000.
Annuity Purchases. At the Contractholder's option, all or part of any amount payable under Section 4 may be used to buy annuities under this Contract for persons entitled to Plan benefits. The Contractholder will report the following information to MetLife for each person on whose account an annuity is to be bought under this Contract.
(a) The date as of which payment of the annuity is to commence. Such date will be the Annuity Commencement Date. The Annuity Commencement Date may not be more than 60 days after the date of the Contractholder's report. If MetLife receives the report less than 30 days before the date reported as the Annuity Commencement Date, MetLife will have the right to make the Annuity Commencement Date the first day of the month next following the date reported by the Contractholder.
(b) The amount to be applied as a Stipulated Payment to buy the annuity.
(c) The form of annuity to be bought.
(d) The name, sex, date of birth and any other relevant data for each annuitant.
Annuity Purchases. You may withdraw all or a portion of your Account Value (subject to Section 7.4) to provide an annuity. Such a withdrawal is not subject to a Withdrawal Charge. On receipt of an annuity purchase request, we transfer your entire Participant Account to a suspense account. Such amounts remain in the suspense account until the Annuity Commencement Date, when the full balance (including interest) is applied to purchase the annuity. Your annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If you or your contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which you may apply to purchase an annuity is $5,000.
Annuity Purchases. The Participant may withdraw all or a portion of his Account Value (subject to Section 8.4, and minus his outstanding loan balance under this contract and any unpaid expense charges due on such loans) to provide an annuity, reflecting benefits. Such a withdrawal is not subject to a Withdrawal Charge. On receipt of an annuity purchase request, we transfer the entire Participant Account to the FIA. Such amounts remain in the FIA until the Annuity Commencement Date, when the full balance (including interest) is applied to purchase the annuity. The Participant's annuity purchase request must specify the purpose for the annuity, the election of an annuity option, Annuity Commencement Date, any contingent annuitant or beneficiary, and any additional information we require. If the Participant or any contingent annuitant dies before the Annuity Commencement Date, the annuity election is cancelled. The minimum amount which the Participant may apply to purchase an annuity is $10,000.
Annuity Purchases