10 or 20 Year Certain and Life Income Annuity definition

10 or 20 Year Certain and Life Income Annuity means an Actuarially Equivalent annuity payable monthly for the Participant’s lifetime, with the provision that if the Participant’s death occurs before the receipt of 120 or 240 monthly payments (as elected by the Participant), the remainder of such payments shall be paid to the Participant’s Beneficiary.
Sample 1

Examples of 10 or 20 Year Certain and Life Income Annuity in a sentence

  • If the Participant elected a Single Life Annuity, and subsequent to such election, but prior to benefit commencement, the Participant shall marry or remarry, then, at any time prior to benefit commencement, the Participant shall have the right to change his election to a Joint and Contingent Survivor Annuity or a 10 or 20 Year Certain and Life Income Annuity, but only if the Contingent Joint Annuitant of such optional form of benefit is the Participant’s new spouse.

  • If the Participant elected a Joint and Contingent Survivor Annuity and subsequent to such election, but prior to benefit commencement, the Participant’s Contingent Joint Annuitant shall die or the Participant and Contingent Joint Annuitant shall be divorced, then, at any time prior to the benefit commencement, the Participant shall have the right to designate a new Contingent Joint Annuitant or to change his optional form to a Single Life Annuity or a 10 or 20 Year Certain and Life Income Annuity.

  • Instead of the normal form of payment of Retirement Income described in Section 4.3 above, the Participant may elect to receive his benefits in the form of a Joint and Survivor Annuity or a 10 or 20 Year Certain and Life Income Annuity.

  • In lieu of the form of payment of Retirement Income described in Section 4.3, a Dual Eligible Participant may elect to receive Retirement Income in one of the following forms: a Joint and Contingent Survivor Annuity as defined in the Torchmark Corporation Supplemental Executive Retirement Plan or a 10 or 20 Year Certain and Life Income Annuity as defined in the Torchmark Corporation Supplemental Executive Retirement Plan.

  • Instead of the normal form of payment of Retirement Income described in Section 4.3 above, the Participant may elect to receive his benefits in the form of a Joint and Contingent Survivor Annuity or a 10 or 20 Year Certain and Life Income Annuity.

  • The Joint and Survivor Annuity or the 10 or 20 Year Certain and Life Income Annuity shall be the Actuarial Equivalent of the Single Life Annuity.

  • If the Participant elected a Single Life Annuity, and subsequent to such election, but prior to benefit commencement, the Participant shall marry or remarry, then, at any time prior to benefit commencement, the Participant shall have the right to change his election to a Joint and Survivor Annuity or a 10 or 20 Year Certain and Life Income Annuity, but only if the Beneficiary of such optional form of benefit is the Participant’s new spouse.

  • The Joint and Contingent Survivor Annuity or the 10 or 20 Year Certain and Life Income Annuity shall be the Actuarial Equivalent of the Single Life Annuity.

  • If the Participant elected a Joint and Survivor Annuity and subsequent to such election, but prior to benefit commencement, the Participant’s Beneficiary shall die or the Participant and the Beneficiary shall be divorced, then, at any time prior to benefit commencment, the Participant shall have the right to designate a new Beneficiary or to change his optional form to a Single Life Annuity or a 10 or 20 Year Certain and Life Income Annuity.

Related to 10 or 20 Year Certain and Life Income Annuity

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Average Annual Compensation shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Special Enrollment Period means a period of time allowed under this Plan, other than the eligible person’s Initial Enrollment Period or an Open Enrollment Period, during which an eligible person can request coverage under this Plan as a result of certain events that create special enrollment rights.

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Required Beginning Date means April 1 of the calendar year following the later of:

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Structured settlement annuity means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Current Annual Compensation means the greater of:

  • Group Annuity Contract means a master contract providing annuities to a group of persons under a single con- tract.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Annuity Commencement Date is the first day of the month an annuity begins under this contract. This date may not be later than the date a Participant's periodic benefits are required to commence under the Code.