Ten-Year Certain and Life Annuity definition

Ten-Year Certain and Life Annuity means a monthly retirement benefit payable to the Participant for life, and if the Participant dies before receiving 120 monthly payments, such payments shall continue to the Beneficiary until a total of 120 payments have been made.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Ten-Year Certain and Life Annuity means a series of equal monthly payments, payable for the life of the Employee, provided, that if the Employee dies before receiving 120 such payments, such payments shall continue to be paid to the Employee's beneficiary designated pursuant to Section 8 until the total number of such payments made to the Employee and such beneficiary equals 120.

Ten-Year Certain and Life Annuity means reduced monthly payments from the Retirement Date to the first of the month preceding the Participant's death, but in no event will less than one hundred and twenty (120) equal monthly payments be made. If the Participant dies before receiving one hundred and twenty (120) monthly payments, the remaining payments shall continue to be made to the Participant's Beneficiary. A Ten Year Certain and Life Annuity shall be Actuarially Equivalent to the Participant's benefit payable in the form of a Whole Life Annuity.

Examples of Ten-Year Certain and Life Annuity in a sentence

If the Employee's Separation from Service or Disability occurs before the Employee has attained age 55, MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a terminated Employee in the form of a Ten-Year Certain and Life Annuity.
If the Employee's Separation from Service or Disability occurs on or after the date the Employee has attained age 55, the Employee will be deemed to have retired, and MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a retired Employee in the form of a Ten-Year Certain and Life Annuity.
If the Employee's Separation from Service or Disability occurs on or after the date the Employee has attained age 60, the Employee will be deemed to have retired, and MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a retired Employee in the form of a Ten-Year Certain and Life Annuity.
If the Employee incurs a Separation from Service as a result of Disability before the Employee has attained age 60, MGE will pay or cause to be paid to the Employee, with respect to the earlier to occur of such events, the Income Continuation Amount for a terminated Employee in the form of a Ten-Year Certain and Life Annuity.

More Definitions of Ten-Year Certain and Life Annuity

Ten-Year Certain and Life Annuity means a monthly retirement benefit payable to the Participant for life, and if the Participant dies before receiving 120

Ten-Year Certain and Life Annuity means an annuity that is the Actuarial Equivalent of a Single Life Annuity and which provides for a reduced monthly benefit for the lifetime of the Member ceasing upon his death; provided, however, that if the Member dies before he has received one hundred and twenty (120) monthly payments, monthly payments in the same amount shall continue to be paid to the Member’s Beneficiary until a total of one hundred and twenty payments, in aggregate, have been made to the Member and his Beneficiary.