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;
Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;
Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).
Single Life Annuity means an annuity payable for the life of a Participant.
Annuity Benefit means a benefit payable by us as described in Part VII.
Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]
Income beneficiary means a person to whom net income of a trust is or may be payable.
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.
Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.
retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;
Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.
Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.
Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.
Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:
Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Variable Annuity An Annuity with payments that vary with the net investment results of one or more Funds under the Separate Account.
Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.
Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.
Retirement Benefit means the benefit set forth in Article 5.
Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.
Early Retirement Benefit means the retirement benefit payable to a member following early
Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.
Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of benefit that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.
Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.
Normal Retirement Benefit means the benefit described in Section 2.1.