CALCULATION OF AMOUNT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT Sample Clauses

CALCULATION OF AMOUNT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT. If a Charge for taxes applies in your jurisdiction as described in Section 8.06 of this Contract, such amount will be deducted before determining your initial scheduled Required Payment Under Section 72(s)(2)(B). Except for [Inbound Exchanges Where Payments Have Started], the amount of the initial scheduled Required Payment Under Section 72(s)(2)(B) is determined by dividing your Annuity Account Value as of the Inherited NQ Payment Starting Date by a divisor representing your initial life expectancy period, as shown in Attachment A. For purposes of calculating your 2021INHNQ-IE scheduled Required Payments under Section 72(s)(2)(B), we round the numbers in Attachment A down to the whole number based on your age as of the first anniversary of the date of death of the Deceased Holder of the Source Contract in the calendar year in which payments begin under the Annuity Benefit described in this Endorsement. If Required Payment Under Section 72(s)(2)(B) starts in the calendar year of the date of death of the Deceased Holder of the Source Contract, we round the numbers in Attachment A down to the whole number based on your age as of the date of death of the Deceased Holder of the Source Contract. Each subsequent annual scheduled Required Payment Under Section 72(s)(2)(B) is determined by dividing your remaining Annuity Account Value as of the Inherited NQ Payment Anniversary Date by your remaining life expectancy. On the first day of each subsequent Annual Payout Period, the remaining life expectancy is reduced by 1. Under an [Inbound Exchange Where Payments Have Started], the amount of the initial scheduled Required Payment Under Section 72(s)(2)(B) is determined by dividing your Annuity Account Value as of the Inherited NQ Payment Starting Date by applying the divisor representing your initial life expectancy period, as shown in Attachment A, based on your age as of the first anniversary of the date of death of the Deceased Holder of the Source Contract, minus the number of years that have passed since the first anniversary of the date of death of the Deceased Holder of the Source Contract. Each subsequent annual scheduled Required Payment Under Section 72(s)(2)(B) under this Contract is determined by dividing your remaining Annuity Account Value as of the Inherited NQ Payment Anniversary Date by your remaining life expectancy. On the first day of each subsequent Annual Payout Period, the remaining life expectancy is reduced by 1. If the Inherited NQ Payment A...
Sample 1See All (4)
AutoNDA by SimpleDocs
CALCULATION OF AMOUNT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT. If a Charge for taxes applies in your jurisdiction as described in Section 8.06 of this Contract, such amount will be deducted before determining your initial scheduled Required Payment Under Section 72(s)(2)(B). The amount of the initial scheduled Required Payment Under Section 72(s)(2)(B) is determined by dividing your Annuity Account Value as of the Inherited NQ Payment Starting Date by a divisor representing your initial life expectancy period, as shown in Attachment A. For purposes of calculating your scheduled Required Payments under Section 72(s)(2)(B), we round the numbers in Attachment A down to the whole number based on your age as of December 31 of the calendar year in which payments begin under the Annuity Benefit described in this Endorsement. Each subsequent annual scheduled Required Payment Under Section 72(s)(2)(B) is determined by dividing your remaining Annuity Account Value as of the Inherited NQ Payment Anniversary Date by your remaining life expectancy. On the first day of each subsequent Annual Payout Period, the remaining life expectancy is reduced by 1.
Sample 1

Related to CALCULATION OF AMOUNT OF ANNUITY BENEFIT UNDER THIS ENDORSEMENT

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • 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.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

  • 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.

  • 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.

  • 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).

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.