TERMS USED IN THIS CONTRACT Clause Samples
TERMS USED IN THIS CONTRACT. 1. The contract’s accumulation is equal to the sum of all employees’ accumulations, as well as any unallocated accumulations, under the contract.
2. A beneficiary is any person eligible to receive death benefit payments upon the death of an employee. If none of the beneficiaries named is alive at the time of the employee’s death, or if, at the employee’s death, no beneficiary had ever been named for that employee, then the death benefit will be paid to the person entitled to such benefits under the terms of the employer plan. If the plan does not specify how to distribute such death benefits, the death benefit will be paid to the employee’s estate. If distributions to a named beneficiary are barred by operation of law, the death benefit due that beneficiary will be paid to the employee’s estate.
3. A business day is any day that the New York Stock Exchange, or its successor, is open for trading. A business day ends at 4:00 P.M. Eastern time, or when trading closes on such exchange, if different.
4. The commuted (discounted) value is a one‑sum amount paid in lieu of a series of payments that are not contingent upon the survival of an employee or second annuitant. It is less than the total of those payments, because future interest, included when computing the series of payments, will not be earned if payment is to be made in one sum. The commuted value of future payments is therefore the sum of those payments less the interest from the date of commutation to the date each payment would have been made. The same interest rate or rates used in computing the benefit payments will be used to determine the commuted value.
5. The death benefit for an employee is the current value of the employee’s accumulation.
6. An employee is any employee entitled to benefits under the employer plan.
7. An employee’s accumulation is the sum of the employee’s Traditional Annuity accumulation (as defined in section 37) and the employee’s Investment Account accumulations (as defined in section 43). Employees’ rights with respect to these accumulations are those in accordance with the terms of the employer plan. If an employee has a severance from employment with the employer and fails to satisfy the vesting requirements of the employer plan, then in accordance with the terms of the employer plan, the amount of that employee’s accumulation may be applied to a forfeiture account where it will be maintained as an unallocated accumulation as described in section 28.
8. The employer is...
TERMS USED IN THIS CONTRACT. An Account Owner is an individual who has established an account representing an interest in the D.C. Section 529 Program.
TERMS USED IN THIS CONTRACT. 1. An annuity starting date is the date, determined by the policyholder, as of which annuity payments to an employee begin.
2. A beneficiary is any person reported by the policyholder as eligible to receive death benefit payments if an employee dies before his or her annuity starting date.
3. A business day is any day that the New York Stock Exchange is open for trading. A business day ends at 4:00 P.M. Eastern time, or when trading closes on the New York Stock Exchange, if earlier.
4. The commuted (discounted) value is a one-sum amount paid in lieu of a series of Traditional Annuity payments that are not contingent upon the survival of an employee or second annuitant. It is less than the total of those payments because future interest, included when computing the series of payments, will not be earned if payment is to be made in one sum. The commuted value of future payments is therefore the sum of those payments less the interest from the date of commutation to the date each payment would have been made. The same interest rate or rates used in computing the benefit purchase amounts for annuity benefits purchased from the Traditional Annuity accumulation will be used to determine the commuted value.
5. An employee is any employee reported by the policyholder to be eligible for benefit payments.
6. ERISA is the Employee Retirement Income Security Act of 1974, as amended.
7. The general account consists of all of TIAA’s assets other than those in separate accounts.
8. The installment amount is any portion of the Traditional Annuity accumulation being paid to the policyholder in installments, as described in section 63.
9. The installment period is the period during which an amount converted on any date to an installment basis is paid, as described in section 63.
10. An internal transfer is the movement of accumulations between the Traditional Annuity accumulation and the Investment Account accumulations, among Investment Account accumulations, or between this contract and a companion CREF contract, if any. The provisions concerning internal transfers are set forth in Part H.
11. An Investment Account under this contract refers to the Real Estate Account. It also refers to any subaccount of any other Separate Account available under this contract, that holds shares of a fund or funds which are managed with a specified investment objective. The Investment Accounts available as of the issue date of this contract are listed on the account specifications page an...
TERMS USED IN THIS CONTRACT. 1. The Annuitant is the natural person whose life is used in determining the Income Benefit to be paid. The Annuitant is named on Page 3 of this Contract, and may not be changed, except as provided in Section 39.
2. The Annuity Starting Date shown on Page 3 is the date the Income Benefit is scheduled to begin. You may change the date as explained in Section 36.
TERMS USED IN THIS CONTRACT. 1. Business Day means any day that the New York Stock Exchange is open for trading. A Business Day ends at 4:00 p.m. Eastern time, or when trading closes on the New York Stock Exchange, if earlier.
2. The Contract Accumulation is equal to the number of accumulation units owned under the Contract multiplied by the value of one accumulation unit. Real Estate Account accumulations are variable and are not guaranteed. They may increase or decrease depending primarily on investment results.
3. The Custom Fund is a fund managed by the Contractholder for the purpose of achieving specified investment objectives for the benefit of the custom fund shareholders, in connection with an employer sponsored benefit plan. This Contract is issued to the Contractholder to enable the Contractholder to utilize the accounts available under the Contract toward these objectives.