Life Annuity Benefit definition

Life Annuity Benefit means a benefit that is calculated in the form of an annuity, payable on a monthly basis on the first day of the calendar month and commencing on the first day of the calendar quarter immediately following the date that gives rise to the benefit, for the life of the Participant, calculated using the actuarial assumptions set forth in the definition of "Actuarial Equivalent".
Sample 1

Examples of Life Annuity Benefit in a sentence

  • The Former Spouse's benefits under this order will cease upon the Participant’s death if a Life Annuity Benefit was elected.

  • Preferred Compensation Plan and (c) each of the Life Annuity Benefit Agreements dated December 15, 1992 between Anchor and Irma Landesfeind, Gordon Westby and Harry J.

  • If you elect the Life Annuity Benefit which will cease at the time of your death, and you are currently married, you and your spouse must complete the Declaration Regarding Joint and Survivor Option and submit with a copy of your marriage certificate.

  • Where excessive construction costs are incurred by the Cooperative at the request of the member-consumer, the member- consumer may be required to reimburse the Cooperative for such excess costs.

  • I understand that by declining this form of pension benefits that no benefit will be paid to my spouse if: ➢ I elect the Single Life Annuity Benefit option.➢ I elect the Lump Sum Benefit Option➢ I elect a 50% Joint and Survivor Annuity, 75% Joint and Survivor Annuity or 100% Joint and Survivor Annuity with survivor benefits payable to a beneficiary other than my spouse.

  • LIFE ANNUITY OPTION:  I elect the Life Annuity Benefit which requires that all benefits will cease at the time of my death.

  • We again find that only two components of the magnetic field are independent.

  • If your spouse or beneficiary dies before you, the benefit will revert to the amount shown in the Single Life Annuity benefit shown above.85.5% of the Single Life Annuity Benefit if the participant and spouse or beneficiary are both the same age- minus ¼ % for each complete year you are older than your spouse or beneficiary- plus ¼ % for each complete year your spouse or beneficiary is older than you□Lump Sum Payment.

  • If you are single, the normal form of benefit is a Single Life Annuity Benefit.

Related to Life Annuity Benefit

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • 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;

  • 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.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • 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.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Disability Benefit means the benefit set forth in Article 8.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • Actuarial equivalent means a benefit of equal value when

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • 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.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Maturity Benefit means the amount of benefit which is payable on maturity i.e. at the end of the Policy term, as stated at the inception of the Policy contract and specified in the Policy Schedule

  • Termination Benefit means the benefit set forth in Article 7.

  • Social Security Benefit means the Primary Insurance Amount to which a Participant becomes entitled at age sixty-five (65) under Social Security legislation in effect on the earliest of his Normal Retirement Date, early retirement date or Termination Date.