Life Annuity Equivalent definition

Life Annuity Equivalent means a monthly payment derived by converting the Participant’s Optional Cash Distribution into an Actuarially Equivalent Accrued Benefit.
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Life Annuity Equivalent means a monthly payment derived by converting the Participant’s Optional Cash Distribution or, asthe case may be, his Alternate Benefit Accrual Account12 Actuarially Equivalent Accrued Benefit.into an
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Life Annuity Equivalent means a monthly payment derived by converting the Participant’s Participant Contributions Account into an Actuarially Equivalent Accrued Benefit.
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Examples of Life Annuity Equivalent in a sentence

  • Unless the Participant shall have elected to receive an Optional Pension or unless the Participant’s Retirement Pension was calculated as the Life Annuity Equivalent of his Alternate Benefit Accrual Account, his surviving Spouse (if any) shall be entitled to receive a Survivor Pension in the amount of 75% of the Participant’s Retirement Pension (or the Retirement Pension the Participant was then entitled to immediate receipt of).

  • If a Participant dies after Termination and before receipt of any Retirement Pension, then the provisions of 6.1.2, 6.1.3, and6.1.43 shall apply, except that any such Survivor Pension sopayable shall be reduced by the Life Annuity Equivalent of all Optional Cash Distributions elected by and/or previously paid to the Participant.

  • If theParticipant’s Pension was calculated as the Life Annuity Equivalent of his Alternate Benefit Accrual Account, all survivor benefits shall be determined in accordance with the terms of such Pension, including any Optional Pension elected in lieu thereof.

  • If the Participant’s Pension was calculated as the Life Annuity Equivalent of his Alternate Benefit Accrual Account, all survivor benefits shall be determined in accordance with the terms of such Pension, including any Optional Pension elected in lieu thereof.

  • If the Participant’s Retirement Pension is calculated as the Life Annuity Equivalent of his Alternate Benefit Accrual Account, then a pension payable to the Participant for his life only, in the amount of such Life Annuity Equivalent.

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  • If a Participant dies after Termination and before receipt of any Retirement Pension, then the provisions of 6.1.2 and 6.1.3 shall apply, except that any such Survivor Pension so payable shall be reduced by the Life Annuity Equivalent of all Optional Cash Distributions elected by and/or previously paid to the Participant.

  • If the Participant’s Pension was calculated as the Life Annuity Equivalent of his Participant Contributions Account, all survivor benefits shall be determined in accordance with the terms of such Pension, including any Optional Pension elected in lieu thereof.

Related to Life Annuity Equivalent

  • 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;

  • Actuarially Equivalent or "of equal actuarial value" means a benefit of equal value

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Actuarial equivalent means a benefit of equal value when

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

  • 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.

  • 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.

  • Variable Annuity An Annuity with payments that vary with the net investment results of one or more Funds under the Separate Account.

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

  • ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is shown on the Contract Schedule. ANNUITY OPTIONS: Options available for Annuity Payments.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

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

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

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

  • Annuity Payments The series of payments made to the Owner or any named payee after the Annuity Date under the Annuity Option selected. ANNUITY PERIOD: The period of time beginning with the Annuity Date during which Annuity Payments are made.

  • 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.

  • 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

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

  • Annuity Unit An accounting unit of measure used to calculate the amount of Annuity Payments.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

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

  • 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.

  • Therapeutically equivalent means a drug product with the same efficacy and toxicity when administered to an individual as the originally prescribed drug as provided for in Section 39‑24‑40.

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