Term Certain Annuity definition

Term Certain Annuity means a monthly payment that is scheduled to begin on the later of the Executive’s 62nd birthday or March 1, 2005, and which would continue for each calendar month thereafter until the Executive’s date of death but which would in no event result in less than one hundred eighty (180) monthly payments.
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Term Certain Annuity an annuity payable for the life of the Participant (or Beneficiary, if applicable), with payments guaranteed for a period selected by the Participant (or Beneficiary, if applicable) of five (5), ten (10), fifteen (15) or twenty (20) years. Any payments during the guaranteed period following the Participant's (or Beneficiary's) death would be paid to the Participant's (or Beneficiary's) designated beneficiary.
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Examples of Term Certain Annuity in a sentence

  • Commissionable period is defined as the period from the purchase date to the last payment date of the Term Certain Annuity.

  • The amount of the monthly payment will be equal to the monthly payment to which the Participant would have been entitled if the Participant had retired on the day before his death, and had elected to receive only the Participant's Prior Plan benefit in the form of an immediate Life and Term Certain Annuity with a term certain of 60 months.

  • In addition to the optional forms of benefit described in the Plan, a Participant may elect to receive his Prior Plan benefit in the following form of benefit: Life and Term Certain Annuity: A Life and ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is ----------------------------- an immediate annuity which is the Actuarial Equivalent (determined in accordance with Exhibit E-1) of an Individual Life Annuity, but which provides a smaller monthly annuity for the Participant's life than an Individual Life Annuity.

  • A Term Certain Annuity or a “series of installment payments” are treated as a single payment for purposes of this Section 8.3(a).

  • If the change in payment election relates to a payment at a Specified Time or pursuant to a Fixed Schedule, the Participant or his Beneficiary must make the change in payment election not less than 12 months prior to the date the payment is scheduled to be made (or in the case of a Term Certain Annuity or installment payment treated as a single payment, 12 months prior to the date the first amount was scheduled to be paid).