Maximum Annuity definition

Maximum Annuity means, in respect of a defined benefit plan (whether or not qualified under Section 401(a) of the Code), an annuity computed in whatever manner permitted under such plan (including frequency of annuity payments, attained age (whether determined as of a current date or as of a future date upon the commencement of annuity payments), and nature of surviving spouse benefits, if any) that yields the greatest Lump Sum Value.
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Maximum Annuity means, in respect of a defined benefit plan (whether or not qualified under Section 401(a) of the Code), an annuity computed in
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Examples of Maximum Annuity in a sentence

  • The Annuity Date may not be later than the Maximum Annuity Date without our consent.

  • Annuity Date — When the Contract is issued, the Annuity Date is set to the Maximum Annuity Date as shown on the Schedule.

  • If you select an Annuity Date that occurs before the Maximum Annuity Date, the Contract Value as of the Valuation Period that includes the Annuity Date, less any applicable premium tax, may be taken in a lump sum, or that amount may be applied as described in the Contract’s ‘ANNUITY INCOME PAYMENTS’ section.

  • If you do not begin Annuity Payments before the Maximum Annuity Date, we will begin Annuity Payments on the Maximum Annuity Date if the Contract Value on that date is greater than zero.

  • Protected Lifetime Payment — The annual amount payable in fixed monthly installments under the Protected Lifetime Payment Annuity Option beginning on the Maximum Annuity Date.

  • When the Contract is issued, the Annuity Date is set to the Maximum Annuity Date as shown on the Schedule.

  • We will not assess Market Value Adjustment on the Maximum Annuity Commencement Date.

  • Your requested Annuity Date must be on an Index Anniversary, and cannot be earlier than thirteen months after the Issue Date or later than the Maximum Annuity Date.

  • For avoidance of doubt, Claims will not include any other form of annuity payments, upon the occurrence of the Maximum Annuity Date or otherwise, including Life Only fixed annuity payments based on the Net Contract Value, less applicable charges determined under the current or guaranteed income factors.

  • In the event annuitization occurs at the Maximum Annuity Date specified in the Contract, Claims will also include the lifetime payment by the Ceding Company of Protected Payment Amounts after the Contract Value at annuitization, less any applicable premium taxes, increased at the statutory interest rate required for payout annuities and decreased for the benefits paid has been reduced to zero.