Fifteen Year Certain and Continuous Annuity definition

Fifteen Year Certain and Continuous Annuity means level annual payments over the lifetime of a Participant, with payments guaranteed to be made for at least fifteen (15) years.
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Examples of Fifteen Year Certain and Continuous Annuity in a sentence

  • If the Participant dies after benefits have commenced under the Fifteen Year Certain and Continuous Annuity but prior to completion of the minimum (15) year payout period, benefits will continue to be paid to the Participant’s Beneficiary over the balance of the fifteen (15) year minimum benefit payout period.

  • The benefit will be paid in the form of a Fifteen Year Certain and Continuous Annuity, unless the Participant makes a timely election to receive an optional form of payment under Section 4.3. The initial payment will be made within ninety (90) days following the Participant’s Disability Benefit Eligibility Date, and subsequent payments will be made within ninety (90) days following each anniversary of the Disability Benefit Eligibility Date.

  • Each optional form of payment will be the Actuarial Equivalent of the Fifteen Year Certain and Continuous Annuity.