FOURTH OPTION definition

FOURTH OPTION. If no such employee exists pursuant to Option 4, replace the least senior employee in successive lower classifications having different but most nearly equivalent employment status and hours per year, provided the employee has greater seniority and the abilities and qualifications to perform the duties of the job position. (Successive lower classifications with most like hours).

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FOURTH OPTION. Interest The Company will hold the proceeds at interest during the life of the Payee or for any other period agreed to by the Company. Interest on proceeds: . Will be paid each month to the Payee starting one month after the Option Date; or . Will be added to the principal amount each year and will earn interest. At the death of the Payee, or at the end of the period agreed to, the balance of principal and any accrued interest will be paid in one sum. The rate of interest will be set each year by the Company; but the rate will not be less than 3 1/2% per year.

FOURTH OPTION has the meaning given such term in the Option Agreement.

Examples of FOURTH OPTION in a sentence

• FOURTH OPTION - Joint and Last Survivor Life Annuity - An annuity payable during the lifetimes of the Annuitant and the Joint Annuitant and thereafter during the remaining lifetime of the survivor.

• FOURTH OPTION - Payment for a Designated Period - An amount payable monthly for the number of years selected which may be from 5 to 30 years.

• FOURTH OPTION - Joint and Last Survivor Life Annuity - An Annuity payable during the lifetimes of the Annuitant and the Joint Annuitant and thereafter during the remaining lifetime of the survivor.

• FOURTH OPTION -- Payment for a Designated Period -- An amount payable monthly for the number of years selected which may be from 5 to 30 years.

• FOURTH OPTION - JOINT AND LAST SURVIVOR ANNUITY - An annuity payable monthly during the joint lives of the Annuitant and a named second person and thereafter during the life of the survivor.

• SETTLEMENT PROVISIONS (CONTINUED) FOURTH OPTION - Joint and Last Survivor Life Annuity - An annuity payable during the lifetimes of the Annuitant and the Join t Annuitant and thereafter during the remaining lifetime of the survivor.

• FOURTH OPTION - Joint and Last Survivor Life Annuity - An Annuity payable during the joint lifetime of the Annuitant and a Joint Annuitant, and thereafter during the remaining lifetime of the survivor Annuitant.

• NCDSC98-14/15 Page 15 Printed in U.S.A. P555R1.FRM SETTLEMENT FOURTH OPTION - Joint and Last Survivor Life Annuity - An Annuity payable PROVISIONS according to the Annuity Payment Frequency selected during the joint lifetime of (Continued) the Annuitant and the Joint Annuitant, and thereafter during the remaining lifetime of the survivor at a level of 50% or 66-2/3% or 100% of the original level, as selected.

• HL-15420 SPECIMEN FOURTH OPTION - Joint and Last Survivor Life Annuity - An annuity payable monthly during the joint lifetime of the Annuitant and a secondary Annuitant, and thereafter during the remaining lifetime of the survivor, ceasing with the last payment prior to the death of the survivor.

• FOURTH OPTION - JOINT AND LAST SURVIVOR LIFE ANNUITY - An annuity payable monthly during the joint lifetime of the Annuitant and a secondary Annuitant, and thereafter during the remaining lifetime of the survivor, ceasing with the last payment prior to the death of the survivor.

More Definitions of FOURTH OPTION

FOURTH OPTION is defined in Section 8(a).

FOURTH OPTION. INTEREST The Company will hold the proceeds at interest during the life of the Payee or for any other period agreed to by the Company. Interest on the proceeds: . Will be paid each month to the Payee starting one month after the Option Date; or . Will be added to the principal amount each year and will earn interest. At the death of the Payee, or at the end of the period agreed to, the balance of principal and any accrued interest will be paid in one sum. The rate of interest will be set each year by the Company; but the rate will not be less than 3 1/2% per year. FIFTH OPTION: SPECIFIED AMOUNT OF INCOME The Company will make monthly payments which will include both principal and interest. Payments will be in the amount chosen. Payments can be quarterly or at any other frequency chosen, and payments can be for different amounts, all subject to the consent of the Company. Payments will start on the Option Date and will continue until the balance is fully paid out. At the death of the Payee any unpaid balance and accrued interest will be paid in one sum. The rate of interest will be set each year by the Company; but the rate will not be less than 3 1/2% per year. Interest will be added each year to the principal and will earn interest. SIXTH OPTION: LIFE INCOME FOR TWO LIVES The Company will make monthly payments. Payments will start on the Option Date and will continue: . While either of two Payees is living, called "Joint and Survivor Life Income"; or . While either of two Payees is living, but for at least 10 years, called "Joint and Survivor Life Income, 10 Years Certain"; or . While two Payees are living, and after the death of one Payee, two-thirds of the monthly amount while the other Payee is living, called "Joint and 2/3 to Survivor Life Income". NEV-14-E

FOURTH OPTION. If no such employee exists pursuant to Option 4, replace the least senior employee in successive lower classifications having different but most nearly equivalent employment status and hours per year, provided the employee has greater seniority and the abilities and qualifications to perform the duties of the job position. (Successive lower classifications with most like hours) Subd 3. Employees so notified of their options shall reply in writing to the Director of Human Resources within 7 calendar days of receiving such notice, therein notifying the School Board of their intent to elect of one of their described options. Such reply may be in the form of e-