Full annuity Sample Clauses
The "Full annuity" clause establishes that a party is entitled to receive the entire annuity payment as specified in the agreement, without reductions or offsets. In practice, this means that the recipient will be paid the full amount of the annuity on the agreed schedule, regardless of other circumstances such as partial performance or external claims. This clause ensures predictable and complete payments, providing financial certainty and protecting the recipient from unexpected deductions.
Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive
(a) At commencement of annuity, a participant or former participant may
Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive
(a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 percent share for the former spouse, the base $13,220. If the former spouse qualifies for ...
Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive § 19.10–2 Reduced annuity with reg- ular survivor annuity to spouse or former spouse.
(a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 perc...
Full annuity. The Supplemental Retirement Benefit shall be payable in monthly installments as described in Section 2.2 of the SERP Agreement.