DEATH PROVISIONS. Notwithstanding any provision of this Contract to the contrary, all payments of benefits under this Contract will be made in a manner that satisfies the requirements of IRC Section 72(s), as amended from time to time. If the Contract is owned by a trust or other non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of any Owner.
DEATH PROVISIONS. Upon the death of the retiree receiving retirement compensation, the unpaid portion of the allotment shall be due and payable to the retiree's designated beneficiary using the same schedule as above.
DEATH PROVISIONS. Notwithstanding any provision of this Certificate to the contrary, all payments of benefits under this Certificate will be made in a manner that satisfies the requirements of IRC Section 72(s), as amended from time to time. If the Certificate is owned by a trust or other non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of any Participant.
DEATH PROVISIONS. Upon the death of the retiree receiving the accumulated leave compensation, the unpaid portion of the allotment shall be due and payable to the retiree’s designated beneficiary using the same schedule as agreed to by the retiree. Split from Policies 4241.31 and 4243.13 Revised: June 1, 2012 Adopted: August 13, 2012 Effective: July 1, 2012 Evaluation / Probation, Policy 4237
DEATH PROVISIONS. Death of Certificate Owner These provisions apply if, during the Accumulation Period while the Certificate is In Force, the Certificate Owner or any Joint Certificate Owner dies (whether or not the decedent is also the Annuitant) or the Annuitant dies under a Certificate owned by a non-natural Person. The "designated beneficiary" will control the Certificate after such a death. This "designated beneficiary" will be the first Person among the following who is alive on the date of death: Certificate Owner; Joint Certificate Owner; primary Beneficiary; Contingent Beneficiary; and Certificate Owner's estate. If the Certificate Owner and Joint Certificate Owner are both alive, they shall be the "designated beneficiary" together. If the decedent's surviving spouse (if any) is the sole "designated beneficiary", the surviving spouse will automatically become the new sole Certificate Owner as of the date of the death. And, if the Annuitant is the decedent, the new Annuitant will be any living Contingent Annuitant, otherwise the surviving spouse. The Certificate may stay in force until another death occurs (i.e., until the death of the Certificate Owner or Joint Certificate Owner). Except for this paragraph, all of "Death Provisions" will apply to that subsequent death. In all other cases, the Certificate may stay in force up to five years from the date of death. During this period, the "designated beneficiary" may exercise all ownership rights, including the right to make transfers or partial withdrawals or the right to surrender the Certificate for its Certificate Withdrawal Value. If the Certificate is still in force at the end of the five-year period, We will automatically end it then by paying to the "designated beneficiary" the Certificate Withdrawal Value without the deduction of any applicable surrender charges. If the "designated beneficiary" is not alive then, We will pay any Person(s) named by the "designated beneficiary" in a Written Request; otherwise the "designated beneficiary's" estate. Death of Annuitant These provisions apply if during the Accumulation Period while the Certificate is In Force, (a) the Annuitant dies, (b) the Annuitant is not an Owner, and (c) the Owner is a natural person. The Certificate will continue In Force after the Annuitant's death. The new Annuitant will be any living Contingent Annuitant, otherwise the Certificate Owner.
DEATH PROVISIONS. Upon the death of a nurse on active status or on board approved leave, the District will pay the nurse’s designated beneficiary for the nurse’s accumulated sick leave.
DEATH PROVISIONS. Upon the death of the retiree receiving retirement compensation, the unpaid portion of the allotment shall be due and payable to the retiree's designated beneficiary using the same schedule as above. Revised: May 22, 2017 Adopted: August 14, 2017 Effective: July 1, 2017 Retirement Application and Agreement, Policy 4881.1 Pursuant to the provisions of Policy 4119 of the Board of Education of Cherry Creek School District No. 5, I do hereby apply for retirement from employment with the District. Upon acceptance and approval of this application by the Board of Education, it is understood and agreed:
DEATH PROVISIONS. Upon the death of any Certificate Owner, prior to Annuitization, the Certificate Owner's entire interest in the Contract will be distributed in accordance with and in the manner described under the Death Provisions of the Certificate Agreement and as required by Section 72(s) of the Code. Prior to Annuitization, a Death Benefit is payable upon the death of the Annuitant. The Death Benefit will be distributed in accordance with and in the manner described under the Death Provisions of the Certificate Agreement and as required by Section 72(s) of the Code. In the event that an interest under this Contract is owned by a person that is not a natural person (e.g., a trust or corporation), then, for purposes of the Required Distribution Provisions of the Certificate Agreement, (i) the death of the Annuitant shall be treated as the death of any Certificate Owner, (ii) any change of the Annuitant shall be treated as the death of any Certificate Owner, and (iii) in either case the appropriate distribution required under the distribution rules shall be made upon such death or change, as the case may be. The Annuitant is the primary annuitant as defined by Section 72(s)(6)(B) of the Code. Each interest in the Contract is intended to be treated as an "annuity contract" for federal income tax purposes. Accordingly all provisions of the Contract shall be interpreted and administered in accordance with the requirements of Section 72(s) of the Code. In no event shall any payment be deferred beyond the limits permitted by Section 72(s) of the Code. The Company reserves the right to amend the Contract to comply with requirements set out in the Code and regulations and rulings thereunder, as they may exit from time to time.
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DEATH PROVISIONS. When a Distribution Is Required In certain circumstances, federal tax law requires that distributions be made under this Contract. Except as described below, a distribution is required at the first death of: (a) an Owner or Joint Owner; or (b) the Annuitant/Joint Annuitant if any Owner is a non-natural entity. The amount of proceeds available on death and the methods available for distributing such proceeds are also described in this section.
