JOINT ANNUITANT PENSION Sample Clauses

JOINT ANNUITANT PENSION. Under this option, a Member may have his pension continue for the lifetime of a joint annuitant under one of the following formats:
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JOINT ANNUITANT PENSION. Under this option, a Member may have his pension continue for the lifetime of a joint annuitant under one of the following formats: after his death the pension shall continue to the joint annuitant in the same amount as had been received by the member prior to the date of his death, or after his death, either one-half two thirds or three quarters of the amount that had been received by the member prior to the date of his death shall continue to the joint annuitant. In the case of the death of the joint annuitant before the member retires under the Plan, the pension will become payable at the retirement date of the member as if the optional form had not been elected. In such case, the member may make another election under the terms of this Section. The Company may adopt or establish from time to time, other optional forms of retirement income consistent with the rules and regulations of the Department of National Revenue and any other legislation affecting the Plan.
Sample 1

Related to JOINT ANNUITANT PENSION

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • 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.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • 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.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Dental Benefit (1) A confirmed staff shall be eligible for reimbursement of expenses incurred for restorative and preventive dental treatment up to $150 per calendar year.

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

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