Adjusted Partial Withdrawals definition

Adjusted Partial Withdrawals made since the end of the Contract Year prior to the eldest Owner's attained age 80; or
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Adjusted Partial Withdrawals. A partial withdrawal taken as provided in Section 5 will reduce the elected guaranteed minimum death benefit by an amount referred to as the “adjusted partial withdrawal”. The adjusted partial withdrawal may be a different amount than the gross partial withdrawal described in Section 5. If at the time of the partial withdrawal, the policy value is greater than the GMDB, the adjusted partial withdrawal will equal the gross partial withdrawal. The adjusted partial withdrawal formula is APW = GPW times (DP/PV) where: APW = adjusted partial withdrawal GPW = gross partial withdrawal DP = death proceeds prior to the withdrawal (equal to the greater of PV and GMDB) PV = policy value prior to the withdrawal GMDB = guaranteed minimum death benefit prior to the withdrawal
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Examples of Adjusted Partial Withdrawals in a sentence

  • This GMDB is equal to the total premiums paid for this policy, less any Adjusted Partial Withdrawals (as described below), as of the date of death.

  • Option P: Return of Premium Death Benefit This GMDB is equal to the total premiums paid for this policy, less any Adjusted Partial Withdrawals (as described below), as of the date of death.

  • Option A: 5% Annually Compounding Death Benefit This GMDB is equal to the total premiums paid for this policy, less any Adjusted Partial Withdrawals (as described below), accumulated at 5% interest per annum from the payment or withdrawal date to the date of death.

  • The Guaranteed Minimum Income Benefit base on or after the Owner's 80th birthday is equal to the greater of: 1) the Contract Withdrawal Value; or 2) the Guaranteed Minimum Income Benefit base as of the last Contract Anniversary, prior to age 80, less any Adjusted Partial Withdrawals.

  • The sum of all Premium Payments, less any Adjusted Partial Withdrawals and Premium Taxes, if any.

  • The Guaranteed Minimum Income Benefit base, prior to the Owner's 80th birthday, is equal to: 1) the largest Contract Value on any Contract Anniversary; less 2) any Adjusted Partial Withdrawals; and 3) limited to no more than twice the amount of Purchase Payments made less any Adjusted Partial Withdrawals.

  • Option B: Monthly Step-Up through age 80 Death Benefit This GMDB is equal to: a) the largest Policy Value on the Policy Date or on any Monthiversary prior to the earlier of the date of death or the Owner's 81st birthday; plus b) any Premium Payments subsequent to the date of the Monthiversary with the largest Policy Value; minus c) any Adjusted Partial Withdrawals (as described below), subsequent to the date of the Monthiversary with the largest Policy Value.

  • Option C: Return of Premium Death Benefit This GMDB is equal to the total premiums paid for this policy, less any Adjusted Partial Withdrawals (as described below), as of the date of death.

  • Option C: 5% Annually Compounding through age 80 Death Benefit The GMDB is equal to the total premiums paid for the policy, less any Adjusted Partial Withdrawals (as described below), accumulated at 5% interest per annum from the payment or withdrawal date to the earlier of the date of death or the owner's 81st birthday.

  • If the death of an Owner occurs after the Owner's attained age 80, the Death Benefit will be the greater of: 1) the Contract Value determined as of the Business Day during which the Company receives both due proof of death and an election for the payment method; or 2) the Death Benefit as of the last Contract Anniversary, prior to age 80, less any Adjusted Partial Withdrawals.

Related to Adjusted Partial Withdrawals

  • Final Withdrawal Has the meaning specified in the Escrow Agreement.

  • Cash Withdrawal means a disbursement of funds in any currency from any Account out of the balance in your favour (whether or not in the form of cash) made or obtained through or in connection with any Citibank ATM/ Debit Card.

  • Final Withdrawal Date Has the meaning specified in the Escrow Agreement.

  • Free Withdrawal Amount ’ means an amount equal to the percentage, stated in the Data Pages, of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year that may be withdrawn each Contract Year without incurring a Withdrawal Charge. We have the right to change the Free Withdrawal Amount, but it will always be a percentage between 5% and 30% if so provided in the Data Pages.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Excess Withdrawal is a withdrawal of Account Value that exceeds the Free Withdrawal Amount. This term may not apply to your Contract.

  • Withdrawal Period as defined in Section 10.13(b).

  • Excess Contribution means a contribution that exceeds the

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Withdrawal Value means a Participant's Account Value minus the applicable Withdrawal Charge. (transfer from original GRA III NBR/GAA III NBR -- Series III) P-13099(SBR)(MBR)(NBR)conv.4 CONTRIBUTIONS, INVESTMENTS, AND TRANSFERS Contributions:

  • Voluntary Withdrawal means a Member’s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal.

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • EU withdrawal agreement means the withdrawal agreement within the meaning of the European Union (Withdrawal Agreement) Act 2020 (see section 39(1) and (6) of that Act).”,

  • Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Invested Amount less the Principal Funding Account Balance on such date of determination.

  • Invested Percentage means, with respect to any Series of Notes, the percentage specified in the applicable Series Supplement.

  • Excess Deferrals means, with respect to any taxable year of a Participant, either (a) those elective deferrals within the meaning of Code §§402(g) or 402A that are made during the Participant's taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for such year; or (b) are made during a calendar year and exceed the dollar limitation under Code §§402(g) and 402A (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code §414(v)) for the Participant's taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer.

  • Excess Aggregate Contributions means, with respect to any Plan Year, the excess of:

  • Withdrawal Event means the earliest to occur of any event which causes a Partner to cease to be a Partner, and to become a Former Partner, as set forth in Section 1.29.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.