APPLICATION TO PROVIDE ANNUITY BENEFIT Sample Clauses

APPLICATION TO PROVIDE ANNUITY BENEFIT. As of the date of the first payment under each such Annuity Benefit to be provided hereunder, an application will be made to provide such Annuity Benefit. The amount so applied will be equal to the following, less any applicable tax on annuity considerations: (a) the Retirement Account Value, if payments under the applicable annuity form are contingent upon the survival of a person, or (b) the Cash Value, if payments under the applicable annuity form are not contingent upon the survival of a person; provided that the Employer or Employer Plan Trustee may report, in accordance with Section 3.04, that only a portion of the given amount is to be used for such Annuity Benefit. If Equitable has deducted charges for applicable tax from the Contributions being applied to provide an Annuity Benefit before they were allocated to the Divisions pursuant to Section 2.06, Equitable will not again deduct charges from such Contributions for the same taxes. If, however, taxes are later imposed upon Equitable when such an application is made, Equitable reserves the right to make an additional deduction for such taxes. Application will be made on the basis of either (a) the Tables of Guaranteed Annuity Payments included in Appendix A of this Contract, or (b) Equitable's then-current individual annuity rates applicable at the time of application to funds which derive from sources outside Equitable, whichever rates would provide a larger benefit with respect to the payee. After application to provide an Annuity Benefit pursuant to this Section, the amounts with respect to the Participant in the Divisions and the Retirement Account Value will be correspondingly reduced.
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APPLICATION TO PROVIDE ANNUITY BENEFIT. An application must be made in order to provide each Annuity Benefit. The amount applied to each such Annuity Benefit will be the amount withdrawn less any applicable tax charge in accordance with the section “Applicable Tax Charges” on annuity considerations; provided that the Owner, Employer or Employer’s Designee as applicable may report, in accordance with the Section “Report for Annuity Benefit”, that only a portion of the given amount is to be used for such Annuity Benefit. If an Annuity Benefit payment is elected in lieu of the Cash Value, the amount applied to provide the Annuity Benefit will, unless otherwise specified by the Employer or Employer Designee or required by applicable laws and regulations, be (1) the Annuity Account Value, if the annuity form elected provides payments for a person’s remaining lifetime or (2) the Cash Value, if the annuity form elected does not provide such lifetime payments. If we have deducted charges for applicable tax from the Contributions being applied to provide an Annuity Benefit before they were contributed to this Contract, we will not again deduct charges from such Contributions for the same taxes. If however, taxes are later imposed upon us when such an application is made, we reserve the right to make an additional deduction for such taxes. The Table of Guaranteed Annuity Payments in Appendix A shows the amount payable for a life annuity with a ten certain form paid monthly per $1,000.00 of the amount applied. Application will be made on the basis of either (a) the Table of Guaranteed Annuity Payments included in Appendix A of this Contract, or (b) our then current individual annuity rates applicable at the time of application, whichever would provide a larger benefit with respect to the payee.
Sample 1
APPLICATION TO PROVIDE ANNUITY BENEFIT. An application must be made in order to provide each Annuity Benefit. The amount applied to each such Benefit will be equal to the amount withdrawn from the Investment Options, less any applicable tax charge in accordance with Section 9.08 on annuity considerations; provided that the Owner may report, in accordance with Section 7.02, that only a portion of the given amount is to be used for such Benefit. If Equitable has deducted charges for applicable tax from the Contributions being applied to provide an Annuity Benefit before they were allocated to the Investment Options pursuant to Section 3.01, Equitable will not again deduct charges from such Contributions for the same taxes. If however, taxes are later imposed upon Equitable when such an application is made, Equitable reserves the right to make an additional deduction for such taxes. Application will be made on the basis of either (a) the Table of Guaranteed Annuity Payments included in Appendix A of this Contract, or (b) Equitable’s then-current individual annuity rates applicable at the time of application to funds which derive from sources outside Equitable, whichever rates would provide a larger benefit with respect to the payee.
Sample 1
APPLICATION TO PROVIDE ANNUITY BENEFIT. Prior to the date of the first payment under the Annuity Benefit to be provided hereunder, an application will be made to provide such Annuity Benefit. The amount so applied will be equal to the amount withdrawn from the Investment Options to provide such Benefit, less any applicable tax charge on annuity considerations; provided that the Participant or the Employer on behalf of the Participant may report, in accordance with Section 7.02, that only a portion of the given amount is to be used for such Benefit. If Equitable has deducted charges for applicable tax from the Contributions being applied to provide an Annuity Benefit before they were allocated to the Investment Options pursuant to Section 3.01, Equitable will not again deduct charges from such Contributions for the same taxes. If however, taxes are later imposed upon Equitable when such an application is made, Equitable reserves the right to make an additional deduction for such taxes. Application will be made on the basis of either (a) the Table of Guaranteed Annuity Payments included in Appendix A of this Contract, or (b) Equitable's then-current individual annuity rates applicable at the time of application to funds which derive from sources outside Equitable, whichever rates would provide a larger benefit with respect to the payee.
Sample 1
APPLICATION TO PROVIDE ANNUITY BENEFIT. An application must be made in order to provide each Annuity Benefit. The amount applied to each such Benefit will be equal to the amount withdrawn from the Investment Options, less any applicable tax charge in accordance with Section 9.08 on annuity considerations; provided that the Owner may report, in accordance with Section 7.02, that only a portion of the given amount is to be used for such Benefit. If AXA Equitable has deducted charges for applicable tax from the Contributions being applied to provide an Annuity Benefit before they were allocated to the Investment Options pursuant to Section 3.01, AXA Equitable will not again deduct charges from such Contributions for the same taxes. If however, taxes are later imposed upon AXA Equitable when such an application is made, AXA Equitable reserves the right to make an additional deduction for such taxes. Application will be made on the basis of either (a) the Table of Guaranteed Annuity Payments included in Appendix A of this Contract, or (b) AXA Equitable's then-current individual annuity rates applicable at the time of application to funds which derive from sources outside AXA Equitable, whichever rates would provide a larger benefit with respect to the payee.
Sample 1

Related to APPLICATION TO PROVIDE ANNUITY BENEFIT

  • ANNUITY BENEFIT Payments under an Annuity Benefit will be made monthly. You may elect instead to have the Annuity Benefit paid at other intervals, such as every three months, six months, or twelve months, instead of monthly, subject to our rules at the time of your election or as otherwise stated in the Data Pages or any Endorsement attached hereto. This election may be made at the time the Annuity Benefit form as described in Section 8.04 is elected. In that event, all references in this Contract to monthly payments, with respect to the Annuity Benefit to which the election applies, will be deemed to mean payments at the frequency elected.

  • Death Prior to Commencement of Benefit Payments In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to his Normal Retirement Age, the Plan Sponsor will pay the Accrued Benefit in fifteen (15) equal annual installments to the Participant's Beneficiary. The payments shall commence to be paid on the first day of the second month following the month in which the Participant dies.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • ANNUITY Payment of an income:

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Distribution of Benefits Payment to Executive shall occur within thirty (30) days of the effective date of Executive's vesting in his Deferred Bonus Account. For purposes of determining the distributable amount, the Deferred Bonus Account shall be valued through the day prior to the day on which the Deferred Bonus Account is distributed, less any claim, debt, reimbursement, recoupment, or offset the Company may have against Executive.

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