PAYMENT OF ANNUITY BENEFITS Sample Clauses

PAYMENT OF ANNUITY BENEFITS. Pursuant to Sections 457(d) and 401(a)(9) of the Code, and subject to the terms of the Plan, the entire interest of the Annuitant will be distributed or begin to be distributed, no later than the first day of April following the calendar year in which the Annuitant attains 70 years and 6 months ("Required Beginning Date"). The entire interest may be distributed, as elected pursuant to the Plan and this Contract, over (a) the life of the Annuitant, or the lives of the Annuitant and a designated beneficiary, or (b) a period certain not extending beyond the Annuitant's life expectancy, or the joint and last survivor life expectancy of the Annuitant and a designated beneficiary. Distributions must be made in periodic payments at intervals of no longer than one year. In addition, payments must be either nonincreasing or they may increase only as provided in Q&A F-3 of Section 1.401(a)(9)-1 of the Proposed Treasury Regulations, or any successor Regulation thereto. All distributions made hereunder shall be made in accordance with the requirements of Section 401(a)(9) of the Code, including the incidental death benefit requirements of Section 401(a)(9)(G) of the Code, and applicable Treasury Regulations, including the minimum distribution incidental benefit requirement of Section 1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor Regulation thereto. For purposes of determining the "period certain" referred to in the first paragraph of this Section, life expectancy is computed by use of the expected return multiples in Tables V and VI of Treasury Regulation Section 1.72-9. Unless otherwise elected prior to the time distributions are required to begin, those life expectancies shall be recalculated annually. Such election shall be irrevocable and shall apply to all subsequent years. The life expectancy of a non-spouse beneficiary may not be recalculated. Instead, life expectancy will be calculated using the attained age of such beneficiary during the calendar year in which the Annuitant attains age 70 years and 6 months, and payments for subsequent years shall be calculated based on such life expectancy reduced by one for each calendar year which has elapsed since the calendar year life expectancy was first calculated. If the Annuitant dies after distribution of the interest described in the first paragraph of this Section has begun, the remaining portion of such interest will continue to be distributed at least as rapidly as under the method of dis...
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PAYMENT OF ANNUITY BENEFITS. 13 3.06 - Special Annuity and Spousal Consent Provisions.............................16
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PAYMENT OF ANNUITY BENEFITS. Evidence of each payee’s survival must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. Upon election of an annuity form providing payments for a period certain, the Owner may designate (with the right to change such designation) a person or persons to receive any payments that may become due after the death of the person or persons upon whose life or lives the income may depend. The payee may designate (with the right to change such designation and without the concurrence of any other person) a person or persons to receive any payments or installments payable after such payee’s death, if the absence of such a designation would result in a single sum payment to such payee’s executors or administrators in accordance with the following paragraph. If at the death of any payee there is no designated person living entitled to receive any remaining payments or installments, we will pay in a single sum to such payee’s executors or administrators the commuted value of any remaining payments or installments. The commuted value of any such remaining payments will be determined on the basis of compound interest at the rate that equated the amount applied at annuitization to the present value of annuity payments We will require satisfactory evidence of the age of any person upon whose life an annuity form depends. Any election, change, revocation or designation shall be made, and will take effect, in the same manner as a change of Beneficiary. If a commutation right under an Annuity Benefit is exercised, we may defer payment in accordance with the terms of this Certificate.
Sample 1
PAYMENT OF ANNUITY BENEFITS. 12 PART IV - GENERAL PROVISIONS Section 4.01 - Contract....................................................14 4.02 - Statutory Compliance........................................14 4.03 - Beneficiary.................................................14 4.04 - Future Contributions........................................14 4.05 - Deferment...................................................14 4.06 - Annual Notice...............................................14 4.07 - Assignments.................................................15 4.08 - Age and Sex.................................................15 No. 92NQCA Page 2 --------------------------------------------------------------------------------
Sample 1
PAYMENT OF ANNUITY BENEFITS. Equitable will require satisfactory evidence of the age of any person upon whose life continued payment under an annuity form depends. Evidence of each payee's survival must be furnished to Equitable either by personal endorsement of the check drawn for payment or by other means satisfactory to Equitable. If a benefit payment under the Contract was based on information that is subsequently found to be incorrect, such benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments under a Fixed Annuity Benefit, the number of Annuity Units under a Variable Annuity Benefit, or any amount used to provide the benefit, or any combination thereof. The amount of the overpayments by Equitable will be charged against and the amount of the underpayments will be added to any payments thereafter falling due under the Contract with respect to the payee.
Sample 1
PAYMENT OF ANNUITY BENEFITS. Your entire interest in this Contract will be distributed or begin to be distributed, in accordance with Section 401(a)(9) of the Code and the applicable Treasury Regulations thereunder no later than the first day of April following the calendar year in which you attain age 70 and 6 months ("Required Beginning Date"). Your entire interest may be distributed, as you elect, over (a) your life, or the lives of you and your designated beneficiary, or (b) a period certain not extending beyond your life expectancy, or the joint and last survivor expectancy of you and your designed benefi-
Sample 1
PAYMENT OF ANNUITY BENEFITS. Equitable will require satisfactory evidence of the age of any person upon whose life continued payment under an annuity form depends. Evidence of each payee's survival must be furnished to Equitable either by personal endorsement of the check drawn for payment or by other means satisfactory to Equitable. If a benefit payment under the Contract was based on information that is subsequently found to be incorrect, such benefit will not be invalidated, but an adjustment on the basis of the correct information will be made in the amount of the benefit payments under a Fixed Annuity Benefit, the number of Annuity Units under a Variable Annuity Benefit, or any amount used to provide the benefit, or any combination thereof. The amount of the overpayments by Equitable will be charged against and the amount of the underpayments will be added to any payments thereafter falling due under the Contract with respect to the payee. The liability of Equitable with respect to a payee is limited to the correct information and the actual amounts used to provide the benefits then in force with respect to the payee under the Contract. If Equitable receives evidence satisfactory to it that (a) a payee entitled to receive any payment under the Contract is physically or mentally incompetent to receive such payment or is a minor, (b) another person or an institution is then maintaining or has custody of such payee, and (c) no guardian, committee, or other representative of the estate of such payee has been appointed, Equitable may, unless the Plan provides to the contrary, make the payments to such other person or institution, and will thereupon be fully discharged from all liability with respect thereto. If the amount to be applied hereunder is less than $3,500, Equitable may pay the amount to the payee in a single sum instead of applying it to provide an Annuity Benefit. Equitable will notify the payee under a Variable Annuity Benefit of the number of Annuity Units and the Average Annuity Unit Value used in determining the amount of each variable payment. Any election, change, revocation or designation shall be made, and will take effect, in the same manner as a change of beneficiary.
Sample 1
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Related to PAYMENT OF ANNUITY BENEFITS

  • 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.

  • 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.

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • PAYMENT OF DEATH BENEFIT The Company will require due proof of death before any death benefit is paid. Due proof of death will be:

  • Basis of Payment of Benefits Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement.

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