Restoration of the Benefit Base Sample Clauses

Restoration of the Benefit Base. If Plan Sponsor terminates a guaranteed lifetime withdrawal benefit contract (“Old GLWB Contract”) of GWL&A of NY or its affiliate and maps covered fund assets from the Old GLWB Contract into this Contract, GWL&A of NY will take a Plan Participant’s Benefit Base and applicable XXX, as measured on the Old GLWB Contract termination date, and restore such amounts under this Contract only if the Plan Sponsor: (i) invests all Old GLWB Contract covered fund proceeds to comparable Covered Fund(s) in this Contract (as determined by GWL&A of NY); and (ii) submits a request, in Good Order, to restore the Benefit Base. GLWB Participants already in the Settlement Phase in the Old GLWB Contract will continue in Settlement Phase in this Contract.
Sample 1
AutoNDA by SimpleDocs
Restoration of the Benefit Base. In the event of a distribution from a tax-deferred retirement plan established under § 401(a), § 403(a), § 403(b), or governmental § 457(b) of the Code (each a “tax-deferred retirement plan”), under which the IRA Owner was invested in a Great‑West approved GLWB benefit, the IRA Owner can proportionately restore his or her Benefit Base established in such a tax‑deferred retirement plan by rolling over those eligible proceeds directly into the IRA and this Contract. Additionally, if an IRA Owner was invested in another contract with a Great-West approved GLWB benefit under an individual retirement account established under § 408(a), Xxxx individual retirement account or annuity established under § 408A, or individual retirement annuity established under § 408(b), the IRA Owner can convert the IRA Owner’s Benefit Base under such contract and restore the respective Benefit Base under this Contract by transferring the proceeds directly into this Contract as permitted under the Code. If a Benefit Base is restored under this Contract, the IRA Owner will be subject to all elections made under the prior contract and will be placed in the same “phase” under this Contract. In order to restore a Benefit Base under this Contract, the IRA Owner must (i) invest the covered fund proceeds under the old contract in comparable Covered Fund(s) in this Contract; and (ii) submit a request, in Good Order, to restore the Benefit Base.
Sample 1
Restoration of the Benefit Base. If the Certificate Owner invests in Covered Fund(s) with proceeds rolled over or directly transferred from the Covered Fund(s) held in another Investment Portfolio to which a Great-West approved guaranteed lifetime withdrawal product was issued, the Certificate Owner’s Benefit Base immediately prior to distribution shall be restored within the Certificate only to the extent that the Certificate Owner: (a) invests the rollover or transfer proceeds covered by the Great-West guaranteed lifetime withdrawal benefit product immediately prior to distribution in the Covered Fund(s); (b) invests in a Covered Fund approved by Great-West as described in the prospectus, except if the Certificate Owner is in Settlement Phase; and (c) Requests restoration of the Benefit Base. The Certificate Owner must begin in the same phase that he or she was in at the time of the rollover or transfer after the transaction is complete.
Sample 1
Restoration of the Benefit Base. If an Owner receives a distribution from an employer-sponsored retirement plan with another Great-West guaranteed lifetime withdrawal benefit contract (“Old GLWB Contract”) that terminates the Old GLWB Contract and maps covered fund assets from the Old GLWB Contract into this Contract, Great-West will take the Benefit Base and applicable XXX—as measured on the Old GLWB Contract termination date—under the Old GLWB Contract and restore such amounts under this Contract only if the sponsor of the employer-sponsored retirement plan: (i) invests all Old GLWB Contract covered fund proceeds to comparable Covered Fund(s) in this Contract; and (ii) submits a request, in Good Order, to restore the Benefit Base. An Owner already in the Settlement Phase in the Old GLWB Contract will continue in the Settlement Phase in this Contract.
Sample 1
Restoration of the Benefit Base. If the Certificate Owner funds the IRA with proceeds rolled over or directly transferred from a tax-deferred retirement plan established under Section 401(a), 403(a), 403(b) or 457(b) of the Code (“tax-deferred retirement plan”) to which a Great-West guaranteed lifetime withdrawal product was issued, the Certificate Owner’s Benefit Base determined under the tax-deferred retirement plan immediately prior to distribution shall be restored within the Certificate only to the extent that the Certificate Owner: (a) invests the rollover or transfer proceeds covered by the Great-West guaranteed lifetime withdrawal benefit product immediately prior to distribution from the tax-deferred retirement plan in the Covered Fund(s); (b) invests in the same Covered Fund, except if the Certificate Owner is in Settlement Phase; and (c) Requests restoration of the Benefit Base. For purposes of subsection (c), a Request is deemed to be made when there is a de minimis rollover from the tax-deferred retirement plan to the IRA with a GLWB. The Certificate Owner must begin in the same phase that he or she was in at the time of the rollover or transfer after the transaction is complete
Sample 1

Related to Restoration of the Benefit Base

  • Examination of the benefit suspension level 1. If the Party complained against considers that the level of benefits suspended is excessive, it may request in writing the original Panel to examine the level of suspension of benefits. If this is not possible, the procedure established in Article 179 (Panel Selection) shall be followed, in which event the periods set out thereof shall be reduced by half (23). 2. This Panel shall issue its ruling within 60 days following the date of the referral of the matter to it. When the Panel considers that it cannot provide its report within this timeframe, it shall inform the Parties in writing of the reasons for the delay together with an estimate of the period within which it will submit its report. Any delay shall not exceed a further period of 30 days unless the Parties otherwise agree. The ruling of the Panel shall be final and binding. It shall be delivered to the Parties and be made publicly available. 3. If the Panel finds that the level of benefits which the complaining Party has suspended is excessive, it shall determine the appropriate level of benefits it considers to be of equivalent effect.

  • Capital Account Restoration No Limited Partner shall have any obligation to restore any negative balance in its Capital Account upon liquidation of the Partnership. The General Partner shall be obligated to restore any negative balance in its Capital Account upon liquidation of its interest in the Partnership by the end of the taxable year of the Partnership during which such liquidation occurs, or, if later, within 90 days after the date of such liquidation.

  • Contribution Formula Health Coverage a. Faculty Member Coverage. For faculty member health coverage for the 2018 2022 and 2019 2023 plan years, the Employer contributes an amount equal to ninety-five percent (95%) of the employee- only premium of the Minnesota Advantage Health Plan (Advantage).

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • When Can I Make Contributions You may make annual contributions to your Xxxx XXX any time up to and including the due date for filing your tax return for the year, not including extensions. You may continue to make regular contributions to your Xxxx XXX even after you attain RMD age. In addition, rollover contributions and transfers (to the extent permitted as discussed below) may be made at any time, regardless of your age.

  • Continued Benefits For a twenty-four (24) month ------------------ period (or, if less, the number of months from the Date of Termination until the Executive would have reached age sixty-five (65)) after the Date of Termination (the "Benefits Period"), the Company shall provide the Executive with group term life insurance, health insurance and long-term disability insurance benefits ("Welfare Benefits") substantially similar in all respects to those which the Executive is receiving immediately prior to the Notice of Termination (without giving effect to any reduction in such benefits subsequent to a Change in Control which reduction constitutes or may constitute Good Reason). Benefits otherwise receivable by the Executive pursuant to this Section 2.6(B)(ii) shall be reduced to the extent substantially similar benefits are actually received by or made available to the Executive by any other employer during the same time period for which such benefits would be provided pursuant to this Section 2.6(B)(ii) at a cost to the Executive that is commensurate with the cost incurred by the Executive immediately prior to the Executive's Date of Termination (without giving effect to any increased costs paid by the Executive after the Change in Control which constituted or might have constituted Good Reason); provided, however, that if the Executive becomes employed by a new employer which maintains a medical plan that either (i) does not cover the Executive or a family member or dependent with respect to a preexisting condition which was covered under the applicable Company medical plan, or (ii) does not cover the Executive or a family member or dependent for a designated waiting period, the Executive's coverage under the applicable Company medical plan shall continue (but shall be limited in the event of noncoverage due to a preexisting condition, to such preexisting condition) until the earlier of the end of the applicable period of noncoverage under the new employer's plan or the end of the Benefits Period. The Executive agrees to report to the Company any coverage and benefits actually received by the Executive from such other employer(s). The Executive shall be entitled to elect to change his level of coverage and/or his choice of coverage options (such as the Executive only or family medical coverage) with respect to the Welfare Benefits to be provided by the Company to the Executive to the same extent that actively employed senior executives of the Company are permitted to make such changes; provided, however, that in the event of any such changes the Executive shall pay the amount of any cost increase that would actually be paid by an actively employed executive of the Company by reason of making the same change in his level of coverage or coverage options.

  • 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.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Salary Overpayment Recovery A. When the Employer has determined that an employee has been overpaid wages, the Employer will provide written notice, via certified mail, to the employee that will include the following items:

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

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