Annuity Withdrawal Option Sample Clauses

Annuity Withdrawal Option. Effective July 1, 2014, a member who retires may, at the time of retirement, elect to be paid a refund of all or some of their accumulated contributions standing to the member's credit as defined by the Charter of the City of Bay City, Article XXVIII. Accumulated Contribution (as defined in Section 2 (11) of Article XXVIII) is the sum of all amounts deducted from the compensation of a member and credited to a member's individual account in the pension savings plan together with regular interest thereon credited at the beginning of each fiscal year (July 1), provided the member maintains employment through the end of the fiscal year (June 30). Upon election of this refund provision, any pension otherwise payable shall be reduced by an amount which is actuarial equivalent to the refunded amount which already includes interest. See definition above for "Accumulated Contribution". The actuarial equivalent amount shall be determined by the actuaries of the Bay City Police and Fire Retirement System.
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Annuity Withdrawal Option. Within thirty (30) days of initial appointment to a bargain- ing unit position, and not thereafter, an Employee may elect the option of voluntary withdrawal of his own accumulated contribu- tions. Failure to elect this option within the specified time will preclude withdrawal of his own accumulated contributions upon retirement. A member who elects this option shall have his contribution to the retirement system increased from 4% to 7.5% of the gross compensation paid him by the City. A member who has elected this option may at time of application for retirement choose to have 0%, 25%, 50%, 75% or 100% of his accumulated contributions returned in a single payment. The member's pension shall then be reduced by the actuarial equivalent of the accumu- lated contributions withdrawn as determined by the City's actu- aries. The accumulated contributions for the member in the Employee's savings fund shall be reduced by the amount of the single payment. In the event a member elects the aforementioned option, upon refund of the Employee's accumulated contributions, the Employee shall receive "regular interest" on his accumulated contribu- tions. "Regular interest" shall be as defined in the Definition section of the Retirement Ordinance, i.e. one (1) per cent per annum, compounded annually. Nothing contained in this Agreement shall be construed to prohibit an Employee who elects this option from electing other applicable options provided in the Retirement Plan. An Employee who exercises the option of voluntary withdrawal of his own accumulated contributions and pays the 7.5% contribu- tion rate required during his membership in Local 1799, shall, upon change in bargaining unit have the option of retaining this benefit regardless of whether or not this benefit is provided by his new bargaining unit. To retain this benefit the Employee shall contribute an additional 3.5% of his gross compensation to the retirement system in cases where the Employee is in a group that does not have the annuity withdrawal option. If the Employ- ee's new group has the annuity withdrawal option the Employee's contribution shall be that as required by his new group. The Employee may also elect to forego his right to an annuity with- drawal option. In such case the Employee forfeits the right to withdraw his own accumulated contributions nor shall he be entitled to a refund of any excess contribution made by him for such option during the period of his entitlement thereto. An Employee who ...
Sample 1
Annuity Withdrawal Option. Within thirty (30) days following the date the member attains the rank of Police Lieutenant, a Police Lieutenant may elect the option of voluntary withdrawal of his own accumulated contributions. Failure to elect this option within the specified time will preclude withdrawal of his own accumulated contributions upon retirement. A member who elects this option shall immediately thereafter have his contribution to the retirement system increased from 4.5% to 8.5% of the compensation paid him by the City. A member who has elected this option may at time of application for retirement choose to have 25%, 50%, 75%, or 100% of his accumulated contributions returned in a single payment. The member’s pension shall then be reduced by the actuarial equivalent of the accumulated contributions withdrawn as determined by the City’s actuaries. The accumulated contributions for the member in the employee’s savings fund shall be reduced by the amount of the single payment. In the event a member elects the aforementioned option, upon refund of the employee’s accumulated contributions, the employee shall receive “Regular Interest” on his accumulated
Sample 1

Related to Annuity Withdrawal Option

  • Early Withdrawal Penalty When you open a CD, you agree to keep the principal on deposit with us for the term that you have selected. We will impose a substantial penalty if we permit you to withdraw any principal before the maturity date. The early withdrawal penalty will be one-half (½) the interest that would be due on the CD over the entire term of the CD, regardless of the length of time the funds remained on deposit, subject to the following limits. The minimum penalty is 7 days simple interest. The maximum penalty is 270 days of compound interest. It is possible that all or part of the penalty will be deducted from principal. No early withdrawal penalty will be assessed if the withdrawal is made because of your death or a court determination of your legal incompetence. We require proof of death or incompetence before an early withdrawal penalty is waived.

  • Withdrawal Period 1. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made:

  • Early Withdrawal Penalties The Term Certificate Account will mature on the Maturity Date set forth in the Certificate. The Credit Union will terminate the Term Certificate Account and impose a penalty on the entire balance of the account if a withdrawal of principal is made prior to the Maturity Date. If the Term Certificate has a term to maturity equal to or less than one (1) year, the penalty imposed will equal ninety (90) days of dividends, whether or not earned. If the Term Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal 180 days of dividends, whether or not earned. In accordance with Federal Reserve Board Regulations, the Credit Union may charge an early withdrawal penalty of seven (7) days dividends on amounts withdrawn within the first six (6) days after deposit or automatic renewal. Early withdrawal penalties will not apply to:

  • Early Withdrawal Provisions We will impose a penalty if You withdraw any of the principal funds before the maturity date. The penalty imposed will equal the sum of the $25.00 administrative fee plus 180 days of dividends on the amount withdrawn. Renewal Policies. Your Account will renew automatically upon maturity and You will have a seven-calendar-day grace period immediately following the maturity of Your Account during which You may make withdrawals from Your Account without penalty.

  • Withdrawal Conditions; Withdrawal Period 1. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made:

  • Withdrawal of Services 50.1 Notwithstanding anything contained in this Agreement, except as otherwise required by Applicable Law, Verizon may terminate its offering and/or provision of any Service under this Agreement upon thirty (30) days prior written notice to PNG.

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply.

  • Withdrawal From Agreement A. Any Fund may elect to withdraw from this Agreement effective at the end of any monthly period by giving at least 90 days’ prior written notice to each of the parties to this Agreement. Upon the written demand of all other Funds which are parties to this Agreement a Fund shall withdraw, and in the event of its failure to do so shall be deemed to have withdrawn, from this Agreement; such demand shall specify the date of withdrawal which shall be at the end of any monthly period at least 90 days from the time of service of such demand.

  • Withdrawal Events In the event of the death, retirement, withdrawal, expulsion, or dissolution of a Member, or an event of bankruptcy or insolvency, as hereinafter defined, with respect to a Member, or the occurrence of any other event which terminates the continued membership of a Member in the Company pursuant to the Statutes (each of the foregoing being hereinafter referred to as a “Withdrawal Event”), the Company shall terminate sixty days after notice to the Members of such withdrawal Event unless the business of the Company is continued as hereinafter provided. Notwithstanding a Withdrawal Event with respect to a Member, the Company shall not terminate, irrespective of applicable law, if within aforesaid sixty day period the remaining Members, by the unanimous vote or consent of the Members (other than the Member who caused the Withdrawal Event), shall elect to continue the business of the Company. In the event of a Withdrawal Event with respect to an Member, any successor in interest to such Member (including without limitation any executor, administrator, heir, committee, guardian, or other representative or successor) shall not become entitled to any rights or interests of such Member in the Company, other than the allocations and distributions to which such Member is entitled, unless such successor in interest is admitted as a Member in accordance with this Agreement. An “event of bankruptcy or insolvency” with respect to a Member shall occur if such Member:

  • Withdrawal from the Plan (a) An employee may withdraw from the Plan any time prior to taking the leave of absence. Upon withdrawal, all the deferred salary plus accumulated interest shall be paid to the employee within sixty (60) days of notification of withdrawal from the Plan.

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