SYSTEMATIC WITHDRAWAL OPTION definition

SYSTEMATIC WITHDRAWAL OPTION. Any Participant who: (a) is at least age fifty-nine and one-half (59 1/2), or (b) is disabled and receiving Social Security disability benefits, or (c) is separated from service with the Contractholder may elect this option. A Participant must also have a vested Participant Account balance of at least ten thousand dollars $10,000) of pre-tax Contributions under this Contract at the date of the election. Amounts held for a spousal payee under a Qualified Domestic Relations Order (QDRO) shall be recognized as eligible for the Systematic Withdrawal Option. Any spousal payee who wishes to elect this distribution option must also meet the minimum ten thousand dollars ($10,000). Account balance requirement and either the age or disability requirement as discussed above. A Participant may elect to receive monthly, quarterly, semi-annual, or annual payments in a flat amount or payments on a monthly basis for an interest equivalency amount. An interest equivalency amount is an approximation of the interest earned between each payment period based upon the interest rate in effect at the beginning of each respective payment period. This amount will be determined by Xxxxxxx Life. (See Attachment I for illustration.) A Participant may change the frequency, payment type, or payment amount of his Systematic Withdrawal Option by submitting a request in writing on a form acceptable to Lincoln Life. A Participant may make such a change only once during each calendar year. A Participant may at any time direct Lincoln Life to cease payments under this option provided the request is made in writing. A Participant who chooses to stop receiving systematic withdrawals may not request that any systematic withdrawal payments begin again until the next calendar year. Systematic withdrawals shall be withdrawn from amounts allocated to the Guaranteed Interest Division of the Participant's Account balance. If the balance of the Guaranteed Interest Division is not sufficient to meet the payment amount requested, the Participant, in writing, may direct Lincoln Life on a form acceptable to Lincoln Life to transfer the appropriate amount to the Guaranteed Interest Division; otherwise, such payment will cease. Lincoln Life will deduct the Systematic Withdrawal Set-Up Charge indicated in Section 1.10 from the Participant's Account balance each time a Systematic Withdrawal Option is established. The applicable CDSC, if any, will be assessed on each systematic withdrawal payment. Payments unde...
Sample 1Sample 2
SYSTEMATIC WITHDRAWAL OPTION. [Is Available] (SWO): The Specified Payment may not be greater than [20%] of the Individual Account's Current Value at the time of election. The Specified Period may not be less than [five years]. The Specified Percentage may not be greater than [20%].
Sample 1

Examples of SYSTEMATIC WITHDRAWAL OPTION in a sentence

  • SYSTEMATIC WITHDRAWAL OPTION RIDER, IF ANY.........................................................................

  • SYSTEMATIC WITHDRAWAL OPTION The owner may elect to automatically receive a series of partial withdrawals under the systematic withdrawal option subject to the following conditions: Systematic withdrawals may be subject to a fee as described in the charges, fees and services section of this certificate.

  • SYSTEMATIC WITHDRAWAL OPTION Amount (per year): $______________ or ______________% (up to a maximum of 10% per account year) Frequency:_ Monthly _ Quarterly _ Annually Start date: ____________________ (mo/yr) on the _ 15th or _ 28th Electronically deposit my payments to: Account # ______________________________ Bank Routing # ______________________________ (Please attach VOIDED check.) Federal law requires that 10% must be withheld from taxable distributions unless you elect not to have taxes withheld.

Related to SYSTEMATIC WITHDRAWAL OPTION

  • Free Withdrawal 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 that may be withdrawn each Contract Year without incurring a Withdrawal Charge. We have the right to change the Free Withdrawal Amount, but it will always be a percentage between 5% and 30% if so provided in the Data Pages.

  • EU withdrawal agreement means the withdrawal agreement within the meaning of the European Union (Withdrawal Agreement) Act 2020 (see section 39(1) and (6) of that Act).”,

  • Cash Withdrawal means a disbursement of funds in any currency from any Account out of the balance in your favour (whether or not in the form of cash) made or obtained through or in connection with any Citibank ATM/ Debit Card.

  • Withdrawal Notice shall have the meaning given in Section 2.1.6.

  • Withdrawal Period as defined in Section 10.13(b).

  • Withdrawal Event means the earliest to occur of any event which causes a Partner to cease to be a Partner, and to become a Former Partner, as set forth in Section 1.29.

  • Withdrawal Value means a Participant's Account Value minus the applicable Withdrawal Charge. (transfer from original GRA III NBR/GAA III NBR -- Series III) P-13099(SBR)(MBR)(NBR)conv.4 CONTRIBUTIONS, INVESTMENTS, AND TRANSFERS Contributions:

  • Final Withdrawal Date Has the meaning specified in the Escrow Agreement.

  • Withdrawal Date Any day during the period commencing on the 18th day of the month of the related Distribution Date (or if such day is not a Business Day, the immediately preceding Business Day) and ending on the last Business Day prior to the 21st day of the month of such Distribution Date. The “related Due Date” for any Withdrawal Date is the Due Date immediately preceding the related Distribution Date.

  • Event of withdrawal of a general partner means an event that causes a person to cease to be a general partner as provided in section 402.

  • Market Withdrawal means a Person’s Removal or Correction of a distributed product which involves a minor violation that would not be subject to legal action by the FDA or which involves no violation, e.g., normal stock rotation practices, routine equipment adjustments and repairs, etc.

  • Notice of Purchase Withdrawal Has the meaning specified in the Deposit Agreement.

  • Final Withdrawal Has the meaning specified in the Escrow Agreement.

  • Withdrawal Order is defined in Section 6.

  • Excess Withdrawal is a withdrawal of Account Value that exceeds the Free Withdrawal Amount. This term may not apply to your Contract.

  • withdrawal agreement means the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community2;

  • Repurchase Request Withdrawal As defined in Section 2.03(a) of this Agreement.

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.