Free Corridor Amount definition

Free Corridor Amount means if the Annuitant has completed three Contract Years or attained age 59 years and 6 months an amount equal to the excess, if any, of (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the current Contract Year. If the Annuitant has not completed three Contract Years or attained age 59 years and 6 months, the Free Corridor Amount is zero.

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Free Corridor Amount means an amount equal to a percentage 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. Such percentage for this purpose will be (a) determined by Equitable with respect to each Annuitant on a uniform and nondiscriminatory basis and (b) specified in the Certificate; it will be any percentage between [0% and 30%] if so provided in the Certificate. If the amount of a withdrawal made under Part V is more than the Free Corridor Amount (defined above), Equitable will (a) first withdraw from the Investment Options, on the basis described in Section 5.01, an amount equal to the Free Corridor Amount, and (b) then withdraw from the Investment Options an amount equal to the excess of the amount requested over the Free Corridor Amount, plus a Withdrawal Charge as specified in the Certificate. For purposes of this Section, amounts withdrawn up to the Free Corridor Amount will not be deemed a withdrawal of any Contributions. Equitable reserves the right to carry forward the Free Corridor Amount into a future Contract Year, if not used in any Year with respect to an Annuitant, as specified in the Certificate. Any withdrawals in excess of the Free Corridor Amount will be deemed withdrawals of Contributions in the reverse order in which they were made; that is, Contributions will be withdrawn on a last-in, first-out basis. However, Equitable reserves the right instead to deem Contributions withdrawn on a first-in, first-out basis. If Equitable exercises this right, it will do so with respect to Certificates for which the Contract Date occurs after the effective date of the change, and the first-in, first-out basis will be specified in the Certificate. In addition, the Annuitant's years of participation under the Prior Contract, if applicable, will be included for purposes of determining the Withdrawal Charge, if so specified in the Certificate in accordance with Equitable's rules then in effect. If specified in the Certificate, Equitable reserves the right to reduce or waive the Withdrawal Charge in such circumstances as it determines. The Certificate issued with respect to the Annuitant will specify the circumstances, if any, by which a waiver will apply.

Free Corridor Amount means an amount equal to the excess, if any, of (i) 10% of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 or 2.08 in the current Contract Year.

Examples of Free Corridor Amount in a sentence

If you have not completed three Contract Years or attained age 59 and 6 months, the Free Corridor Amount is zero.
The "Free Corridor Amount" is, subject to the terms of the Contract, 10% of the sum of the Members' Account Value and the balance of any active loan, less the sum of any amount withdrawn before, any vesting loss, and any active loan that went into default in the same Participation Year.
The term "Free Corridor Amount" means, with respect to a Participant, an amount equal to the excess, if any, of (a) 10% of the sum of the Retirement Account Value and any Active Loan, over (b) the sum of (i) cumulative prior withdrawals made with respect to the Participant pursuant to Section 2.08 in the current Participation Year, (ii) the unpaid principal of any loan defaulted with respect to the Participant pursuant to Section 2.
If such information is not received within such period as Equitable deems reasonable, Equitable shall have the right to pay to the Employer or the Employer Plan Trustee the amounts in the suspense account, on the basis described in Clause (b) of Section 1.10, except that the Free Corridor Amount will be zero.
If you have not completed three Contract Years or attained age 59 years and 6 months, the Free Corridor Amount is zero.
If the Employer or Employer Plan Trustee requests to terminate participation of the Employer Plan under this Contract, or requests a partial withdrawal from the suspense account prior to Equitable's receipt of the required Participant-level information, the Free Corridor Amount will also be zero.
If the amount you withdraw is in excess of the Free Corridor Amount (as defined below), such excess is subject to a charge equal to 6% of the amounts received from the Plan Sponsor or Trustee under the Contract on your behalf during the current and just prior five Participation Years, to the extent such amounts were not withdrawn before.
The term "Free Corridor Amount" means if you have completed three Contract Years or attained age 59 and 6 months an amount equal to the excess, if any, of (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the current Contract Year or pursuant to the repayment of interest or principal on a loan, in the Current Contract Year.
The term "Free Corridor Amount" means if you have completed three Contract Years or attained age 59 and six months an amount equal to the excess, if any, of (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the current Contract Year.
If you have not completed three Contract years or attained age 59 and 6 months, the Free Corridor Amount is zero.

More Definitions of Free Corridor Amount

Free Corridor 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. We have the right to change the Free Corridor Amount, but it will always be a percentage between [0% and 30%] if so provided in the Data pages.

Free Corridor Amount means the greater of (1) the current Annuity Account Value, less Contributions that have not been deemed withdrawn and (2) the Free Corridor Amount as specified in the Data pages.

Free Corridor Amount means, with respect to a Participant, an amount equal to the excess, if any, of (a) 10% of the sum of the Retirement Account Value and any Active Loan, over (b) the sum of (i) cumulative prior withdrawals made with respect to the Participant pursuant to Section 2.08 in the current Participation Year, (ii) the unpaid principal of any loan defaulted with respect to the Participant pursuant to Section 2. 10 in the current Participation Year, other than an Old Plan Takeover Loan, (iii) any reduction in the Retirement Account Value as a result of a forfeiture with respect to the Participant pursuant to Section 2.12 in the current Participation Year and (iv) any deduction with respect to the Participant, pursuant to Section 2.11, Paragraph (6) in the current Participation Year, as a result of a loan default.

Free Corridor Amount. The term "Free Corridor Amount" means an amount equal to the excess, if any, of (i) 10% of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 or 2.08 in the current Contract Year.

Free Corridor Amount means an amount equal to 10% of the Annuity Account Value on the Transaction Date, minus the total of all prior withdrawals made as described in Section 4.01 in the current Contract Year.

Free Corridor Amount means (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the Current Contract Year.