ANNUITY PURCHASE RATE definition

ANNUITY PURCHASE RATE means, effective as of July 1, 1994, (a) the interest rate which would be used by the Pension Benefit Guaranty Corporation as of the first day of the Plan Year of the date of the distribution involved for the purpose of determining the present value of a single sum distribution in connection with the termination of the Plan if the present value of the applicable vested Accrued Benefit (using such rate) does not exceed $25,000, or (b) one hundred twenty percent (120%) of the rate used by the Pension Benefit Guaranty Corporation for that purpose if the present value of the vested Accrued Benefit, as determined in accordance with clause (a) exceeds $25,000, provided that in no event shall the present value of a Participant’s vested Accrued Benefit determined by application of this clause (b) be less than $25,000; provided that the Annuity Purchase Rate with respect to the Accrued Benefit as of such first day of the Plan Year shall not be larger than the Annuity Purchase Rate which would have been computed under the definition of Annuity Purchase Rate in effect immediately prior to July 1, 1994.
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ANNUITY PURCHASE RATE means the dollar amount required by us as of any valuation date to provide an annuity income of $1 as of each payment date. This rate which is specific to the type of annuity, is based on [two assumptions; namely, a mortality basis and] an index rate. [Mortality basis is a measurement scale used to determine the annuitant's life expectancy. We guarantee that the mortality basis (which consists of a mortality table and projection scale) used as of the certificate issue date will not change. The specific mortality basis is [1983 U.S. IAM Basic, Male with U.S. projection scale G, Male.] ] If the annuitant dies, then the annuity purchase rate will be the rate specific to the type of annuity, which reflects the remaining payment(s), if any.
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ANNUITY PURCHASE RATE means the present value factor used to convert reserves to a monthly annuity based on the post-retirement discount rate assumption and the life expectancy of the retiree or beneficiary or both the retiree and the beneficiary at retirement under the selected form of payment.
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Examples of ANNUITY PURCHASE RATE in a sentence

  • Annuity purchase rate slightly decreased while bond yields used in the calculation of solvency liabilities rose, which caused liabilities to decrease by 1.5% to $154.5 million.

  • Minimum incomes for purchases made within any subsequent five year period will be 97% of the incomes for the preceding five-year period.] We may amend or change the Paid-Up Deferred Annuity purchase rate basis as follows: 1) We may amend or change such basis on any date which is later than (i) five years after the effective date of this Rider as outlined in the first paragraph of this Rider or (ii) five years after the latest date of amendment to, or change of, rate.

  • Annuity purchase rate: the interest rate used to determine the factor for converting an account balance to an annuity income.


More Definitions of ANNUITY PURCHASE RATE

ANNUITY PURCHASE RATE means the dollar amount required by Us to provide a monthly Income Annuity of $1.00 beginning on the Expected Income Payment Start Date. For a fixed Income Annuity, the rate will be the best available purchase rate MetLife is offering under contracts in the class of business to which this Contract belongs, and will not be less favorable than that specified in Table I of this Contract. For a variable Income Annuity, the rates will be determined using the "Assumed Investment Return" selected by each Annuitant and noted on their Certificate. The mortality basis for variable Income Annuity purchases will not be less favorable than that specified in Table I of this Contract.
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ANNUITY PURCHASE RATE means the dollar amount required by us as of any valuation date to provide a flexible annuity income of $1 as of each payment date. This rate, which is specific to the type of annuity, is typically based on two assumptions; namely, a mortality basis, if applicable, and the index rate. Mortality basis is a measurement scale used to determine the annuitant's life expectancy. We guarantee that the mortality basis (which consists of a mortality table and projection scale) used, as of the contract issue date will not change. If the annuitant dies, then the annuity purchase rate will be the rate specific to the type of annuity, which reflects the remaining payment(s), if any. Neither expenses actually incurred nor mortality actually experienced shall adversely affect the dollar amount of variable annuity payments to any annuitant for whom variable annuity payments have commenced. "Basic income payment option B" is an annuity payment option available under this contract that provides a fixed annuity income. You may request and MetLife will provide an example of how a transfer to this annuity option will impact payment amounts under your flexible income payment option A and basic income payment option B. A transfer to basic income payment option B will not result in a lower payment than if you reallocated an equal amount to the fixed payment portion of your flexible income payment option A.
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ANNUITY PURCHASE RATE means the present value
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Related to ANNUITY PURCHASE RATE

  • PURCHASE RATE means, the tendered rate offered by tenderer per standard bag which has been accepted by the Federation;

  • Subsequent Rate Period means, with respect to any Series of RVMTP Shares, the period consisting of seven calendar days, but adjusted in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from, and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.

  • Monthly Payment Rate means, for any Monthly Period, a fraction (expressed as a percentage), (a) the numerator of which is the Principal Collections during such Monthly Period, and (b) the denominator of which is the Combined Outstanding Principal Balances as of the beginning of such Monthly Period.

  • Floating Rate Calculation Date means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.

  • Yield Rate means, (i) with respect to any Eligible Treasury Security on deposit at any time in either of the Paired Holding Trusts, the stated interest rate of such Eligible Treasury, if any, or any discount rate applicable to such Eligible Treasury, based on the purchase date and purchase price at which the applicable Paired Holding Trust acquired that Eligible Treasury, and (ii) with respect to any Eligible Treasury Repurchase Agreement, the difference between the repurchase price and the purchase price paid under such agreement, with such difference expressed as a percentage of such purchase price.

  • Revolving Interest Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Successor Benchmark Rate means a successor to or replacement of the Original Benchmark Rate which is formally recommended by any Relevant Nominating Body.

  • Applicable Interest Rate means the rate of interest prescribed under the Act from time to time;

  • Interest Rate Adjustment Event means the occurrence of any of the following:

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Interest Adjustment Rate means the interest adjustment rate assigned to the Security. The initial Interest Adjustment Rate is the interest adjustment rate specified in the Table (the "Initial Interest Adjustment Rate").The Issuer may adjust, in its reasonable discretion pursuant to §315 BGB and in consideration of the relevant capital market practice and by acting in good faith (including market interest rates and the interest-rate expectations of the market), the Interest Adjustment Rate, including the Initial Interest Adjustment Rate, on any Scheduled Trading Day within the range (deviation (+) or (-)) specified in the Table for any given Security. The adjusted rate will be published without undue delay in accordance with §12.

  • Reset Rate means, in connection with each Remarketing, the rate per annum (as determined by the Remarketing Agent(s) in consultation with the Company pursuant to the Remarketing Agreement) rounded to the nearest one thousandth (0.001) of one percent that the Notes shall bear.

  • Interest Rate Adjustment Date With respect to each Adjustable Rate Mortgage Loan, the date, specified in the related Mortgage Note and the related Mortgage Loan Schedule, on which the Mortgage Interest Rate is adjusted.

  • Alternative Benchmark Rate means an alternative benchmark or screen rate which is customarily applied in international debt capital markets transactions for the purposes of determining floating rates of interest (or the relevant component part thereof) in the Specified Currency, provided that all determinations will be made by the Independent Adviser in its reasonable discretion.

  • Rate Calculation Date means the day which is two Rate Calculation Business Days before the due date of the relevant amount under these Conditions;

  • Fixed Rate Calculation Date means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

  • Reinvestment Rate means .25% (one-fourth of one percent) plus the arithmetic mean of the yields under the respective headings “This Week” and “Last Week” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.

  • Base Rate Term SOFR Determination Day has the meaning specified in the definition of “Term SOFR”.

  • Deferred Purchase Price shall have the meaning set forth in Section 2(a).

  • SBI 1 Year MCLR Rate means 1 year Marginal Cost of Funds Based Lending Rate (MCLR) fixed by State Bank of India (SBI) / any replacement thereof by SBI for the time being in effect applicable for 1 year period, as on 1st April of the respective financial year in accordance with regulations and guidelines of Reserve Bank of India. In absence of such rate, any other arrangement that substitutes such rate as mutually agreed to by the Parties.

  • Interest Adjustment Date With respect to a Mortgage Loan, the date, if any, specified in the related Mortgage Note on which the Mortgage Interest Rate is subject to adjustment.

  • Alternative Base Rate means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods.

  • Prepayment Rate means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the Prepayment Rate Determination Date has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date, as most recently published in the "Treasury Bonds, Notes and Bills" section in The Wall Street Journal as of the date of the related tender of the payment. If more than one issue of United States Treasury Securities has the remaining term to the Maturity Date referred to above, the "Prepayment Rate" shall be the yield on the United States Treasury Security most recently issued as of such date. If the publication of the Prepayment Rate in The Wall Street Journal is discontinued, Lender shall determine the Prepayment Rate on the basis of "Statistical Release H.15(519), Selected Interest Rates," or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select. "PREPAYMENT RATE DETERMINATION DATE" shall mean the date which is five (5) Business Days prior to the prepayment date.