Contribution Year Clause Samples
The "Contribution Year" clause defines the specific annual period during which contributions, such as payments or benefits, are calculated or credited under an agreement. Typically, this period aligns with a calendar year or a fiscal year, and it determines when obligations or entitlements accrue for the parties involved. By clearly establishing the timeframe for contributions, this clause ensures consistency in accounting and helps prevent disputes over when contributions are due or recognized.
Contribution Year. The one year period starting from the date a Purchase Payment is made in one calendar year and ending on the day preceding the anniversary of such date in the following calendar years. DEATH BENEFIT ADJUSTMENT Any increase or reduction to the amount of the death benefit payable to account for Purchase Payment and/or Withdrawal activity after a specified point in time which will equal (a), (b), or (c), whichever is applicable, as follows:
Contribution Year. (a) Except as provided in subsection (b), “Contribution Year” shall mean each twelve (12) month period during the Term commencing on January 1st and ending on December 31st.
Contribution Year. (a) Except as provided in subsection (b), "Contribution Year" shall mean each period during the Term commencing on February lst and ending on January 31st.
Contribution Year. For a Contribution to be deductible for a given calendar year for tax purposes, the taxpayer must make the contribution before the end of that calendar year. We will generally treat contributions as having been made in a given year if checks are postmarked on or before December 31 of the applicable year, provided the checks are subsequently paid. With respect to EFT contributions, we will generally treat contributions received by the Plan in a given year as having been made in that year if the EFT request is submitted by 11:59 p.m., Eastern time, on or before December 31 of that year, provided the funds are successfully deducted from your checking or savings account at another financial institution. Contributions made pursuant to a recurring contribution will generally be considered received by us in the same year as the debit date, provided the amount is successfully deducted from your checking or savings account at another financial institution. Recurring contributions with a debit date of January 1st, 2nd, 3rd, or 4th will be credited in the same year as the debit date.
Contribution Year. A year starting from the date a Purchase Payment is made in one calendar year and ending on the day preceding the anniversary of such date in succeeding calendar years. CURRENT INTEREST RATE The rate(s) of interest declared by Us applicable to allocations of subsequent Purchase Payments to the Fixed Account Options. The Current Interest Rate will not be less than the Minimum Guarantee Rate as shown on the Contract Data Page. DEFERRED PAYMENT ENHANCEMENT Any Payment Enhancement allocated to Your Contract Value on any Deferred Payment Enhancement Date.