DEATH BENEFIT WHEN NO NATURAL OWNERS Sample Clauses

DEATH BENEFIT WHEN NO NATURAL OWNERS. If there is no Owner who is a natural person, we will treat the Annuitant as Owner for the purpose of paying the death benefit and any rider benefits, and the Annuitant's age will determine the death benefit payable to the Beneficiary.
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DEATH BENEFIT WHEN NO NATURAL OWNERS. If there is no Owner who is a natural person, we will treat the Annuitant as Owner for the purpose of paying the death benefit, and the Annuitant's age will determine the death benefit payable to the Beneficiary. REQUIRED DISTRIBUTION OF PROCEEDS ON THE DEATH OF THE OWNER - The three sub-sections indented below are required to qualify this Contract as an annuity contract under Section 72(s) of the Internal Revenue Code of 1986, as amended. Where the terms of these three sub-sections are in conflict with any other sections or sub-sections of this Contract, these three sub-sections will control. We reserve the right to amend or administer this Contract as necessary to comply with the applicable tax requirements. These three sub-sections and this Contract should be construed so that they comply with the applicable tax requirements.
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DEATH BENEFIT WHEN NO NATURAL OWNERS. If there is no Owner who is a natural person, we will treat the Annuitant as Owner for the purpose of paying the death benefit, and the Annuitant's age will determine the death benefit payable to the Beneficiary. REQUIRED DISTRIBUTION OF PROCEEDS ON THE DEATH OF THE OWNER - The three sub-subsections indicated below are required to qualify a Certificate as an annuity contract under Section 72(s) of the Internal Revenue Code of 1986, as amended. Where the terms of these three sub-sections are in conflict with any other sections or sub-sections of a Certificate, these three sub-sections will control. We reserve the right to amend or administer the Group Contract and any Certificate as necessary to comply with the applicable tax requirements. These three sub-sections and each Certificate should be construed so that they comply with the applicable tax requirements.
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Related to DEATH BENEFIT WHEN NO NATURAL OWNERS

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • DEFINED BENEFIT PLAN LIMITATION If the Employer maintains a defined benefit plan, or has ever maintained a defined benefit plan which the Employer has terminated, then the sum of the defined benefit plan fraction and the defined contribution plan fraction for any Participant for any Limitation Year must not exceed 1.0. The Employer must provide in Adoption Agreement Section 3.18 the manner in which the Plan will satisfy this limitation. The Employer also must provide in its Adoption Agreement Section 3.18 the manner in which the Plan will satisfy the top heavy requirements of Code Section 416 after taking into account the existence (or prior maintenance) of the defined benefit plan.

  • 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.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • 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.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

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