Option I (100% Joint and Survivor Annuity Sample Clauses

Option I (100% Joint and Survivor Annuity. This option provides a reduced retirement allowance during the employee’s lifetime. When the employee dies, that same amount will continue to be paid to the employee’s beneficiary for the rest of the beneficiary’s life. The employee may not name a new beneficiary, even if the employee remarries.
Sample 1
AutoNDA by SimpleDocs
Option I (100% Joint and Survivor Annuity. This option provides a reduced retirement allowance during the employee’s lifetime. When the employee dies, that same amount will continue to be paid to the employee’s beneficiary for the rest of the beneficiary’s life. The employee may not name a new beneficiary, even if the employee remarries. The amount received under Option I is 76.5% of the Option III retire- ment allowance if the employee and the employee’s beneficiary are the same age. If the beneficiary is younger, this percentage will be reduced by 1.2% for each 12 full months of difference in ages. If the beneficiary is older, the percentage will be increased by 1.2% for each 12 full months of difference in ages up to a maximum of 100%. If employees choose this Option I and their designated beneficiary pre- deceases them, the employee’s retirement allowance will, effective the first of the month after the death of the designated beneficiary, revert back to what it would have been had the employee retired under Option III.
Sample 1

Related to Option I (100% Joint and Survivor Annuity

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • Tax Sheltered Annuity Voluntary adjunct employee salary reductions for Internal Revenue Code Section 403(b) tax-sheltered annuities and 457(b) deferred compensation shall be available to adjunct employees covered by this Agreement. Contracts shall be arranged individually through the Office of the Executive Vice President for Finance and Administrative Services or designee subject to regulation by the College.

  • Survivor’s Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • 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.

  • Domestic Partners; Spouses; Gender Discrimination If the Contract Amount is $100,000 or more, Contractor certifies that it is in compliance with PCC 10295.3, which places limitations on contracts with contractors who discriminate in the provision of benefits regarding marital or domestic partner status.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any xxxx-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • Spousal Coverage Any new Participants to the COG, after June 30, 2015, with working spouses who have the ability to be covered under an insurance plan through his/her place of employment, will be required to take his/her plan as their primary plan. This provision does not apply to a participant who had insurance with one COG employer and immediately thereafter, moved to another COG employer. If the spouse is required to pay forty (40%) percent or more of the premium with his/her employer, the requirements of this section shall not apply.

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