Examples of Certain and Life Annuity in a sentence
Form of Benefit Ten Year Certain and Life Annuity (options available).
Alternatively, a surviving spouse may choose to receive a one-time lump-sum payment of the Member’s accumulated deposits and a death benefit from COAERS equal to the Member’s deposits (excluding any purchases for Non- contributory time, prior military service purchases, or Supplementary Service Credit).• If there is no spouse, the deceased Member’s designated beneficiary may elect to receive payments under Option V, Fifteen Year Certain and Life Annuity, and receive the $10,000 death benefit.
For a Period Certain and Life Annuity Retirement Benefit Option, by this action, and the member’s signature, the ben- eficiary named on the member’s most recent Acceptable Form will receive the remaining term of monthly payments.
After death of the Retiree or the survivor beneficiary, the last survivor of the two will receive 66²⁄3% of the Retiree’s benefit for the remainder of his/her life.Option V: Fifteen Year Certain and Life Annuity (180 payments) – A monthly benefit payable to the Retiree.
For a mandatory lump sum payment according to subsection (O) or a Period Certain and Life Annuity Retirement Benefit Option, ASRS shall calculate age to the nearest full month in addition to calculating age according to subsection (P) as neces- sary.
According to A.R.S. § 38-760(B)(2), a member whose Original Retirement Date is on or after July 1, 2008 and who elects a Period Certain and Life Annuity Retirement Benefit Option, may rescind the election according to subsection (E) and elect to receive a Straight Life Annuity prior to the expiration of the member’s period certain term if one or more of the member’s primary beneficia- ries dies or ceases to be a beneficiary according to the terms of an original or certified copy of a DRO.
Form of Benefit Ten Year Certain and Life Annuity (options available).Early Retirement Eligibility Age 50 and 10 years of Credited Service.
Duration Payable as a 10 Year Certain and Life Annuity (Options available).
Retirement BenefitsNormal 3.00% of AFC for each year of Credited Service prior to October 1, 2017 plus 4.00% of AFC for each year of Credited Service on and after October 1, 2017, subject to a maximum of 100% of AFC.Early Same as Normal Retirement, reduced 3.00% per year of retirement before age 55.Delayed Benefit continues to accrue.Normal Form Ten Year Certain and Life Annuity with other options available.
This Section shall apply to the payment of unpaid installments of annuity, if any, which are to be continued under the Term Certain and Life Annuity after the death of the Participant and shall not apply to the payment of any benefits pursuant to any Qualified Joint and Survivor Annuity.