Payout Option definition

Payout Option. The Income Payment option selected by the Owner and set forth on the Contract Data Page. Plan: Pension plan as defined in ERISA section 3(2).
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Payout Option means, except as limited below, any of the annuity options or income options or settlement options or other options for payment that are available under the applicable Investment Contract(s) held under the Plan, or that may otherwise be made available by the Administrator on a non- discriminatory basis. The Administrator shall not permit the use of any payout option that is based on gender- distinct actuarial tables or that otherwise unlawfully discriminates against any person. The Administrator shall not permit the Participant or Beneficiary to elect any Payout Option that (at the time the distribution begins) does not satisfy the provisions of the Plan, including the applicable requirements of Code section 401(a)(9).
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Payout Option means any, except as limited below, of the annuity options or other options for payment that is available under the applicable Plan Investment Option.
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Examples of Payout Option in a sentence

  • Guaranteed Sum Assured on Maturity which is zero under this product *Annualized Premium does not include modal factors and underwriting extraThe Death Benefit shall become payable on/from the date of intimation of death, subject to acceptance of the claim by the Company.We shall pay the Death Benefit as per the Death Benefit Payout Option stated on your Policy Schedule upon Death of the Life Insured provided the Policy is in force as on the date of death of Life Insured.

  • Effect of IDCW: Post declaration of IDCW, the NAV of the Units under the IDCW Payout Option (Option B) will stand reduced by the amount of IDCW declared and applicable IDCW distribution tax/surcharge/cess/any other statutory levy.

  • Any payment or any agreement to make payments under a Payout Option selected by the proper payee, shall, to the extent of the payment(s) or agreement, be in full satisfaction of all claims.

  • Each Plan under the Scheme offers following option:Growth, Growth – DirectDividend (with Payout Facility only) Dividend - Direct (with Payout Facility only) Further, Plan(s) with a maturity of over 365 days also offers following additional option:• Quarterly Dividend (Payout Option only)• Quarterly Dividend – Direct (Payout Option only) Growth Option/ Direct – Growth OptionUnder the Growth Plan / Direct- Growth Plan, the returns to investors will be available in the form of capital appreciation.

  • Name of the Scheme / Plan}Refer Instruction No. 2 Option / Sub-option Payout Option 8.

  • Under the Dividend Pay-out Option, the Unitholders can choose to transfer the amount of dividend receivable by them into any of the open ended schemes of the Fund.

  • Dividend Payout Option: Unitholders will have the option to receive payout of their dividend by way of Payorder / DD any other means which can be enchased or by way of direct credit / electronic payout into their account.

  • Investor shall have an option to alter his preference for switch on maturity to Payout Option by submitting a written request, at any time during the tenure of the scheme not later than 3 working days from the maturity of the scheme.This switch on maturity facility shall be affected by way of a Redemption of Units from the Switch-out Scheme on its maturity and investment of the Redemption proceeds in selected switch-in scheme of DHFL Pramerica Mutual Fund.

  • Once we begin to make Annuity Payouts, the Annuity Payout Option cannot be changed.Life AnnuityWe make Annuity Payouts as long as the Annuitant is living.

  • Under the Dividend Option investor can further select Reinvestment or Payout Option.


More Definitions of Payout Option

Payout Option means any, except as limited below, of the annuity options or other options for payment that are available under the applicable Plan Investment(s) or that are otherwise provided by the Plan. As to an unallocated investment, the Payout Options are as specified by the current written agreement between the Plan Administrator and the Agent. The Plan Sponsor shall not permit the use of any payout option that is based on gender-distinct actuarial tables or that otherwise unlawfully discriminates against any person. The Plan Sponsor shall not permit the Participant (or Beneficiary) to elect any Payout Option that does not satisfy all applicable provisions of the Plan, including (but not limited to) Provision 15.3 or Provision 16.2. If an Investment permits a Payout Option to be arranged "as mutually agreed", any such unspecified Payout Option, regardless of whether the Payout Option is the actuarial equivalent of any other Payout Option, shall not be a Payout Option under the Plan unless the Issuer offers this Payout Option on a uniform and non-discriminatory basis to all Participants and Beneficiaries in similar circumstances.
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Payout Option means the option as mentioned in the schedule and chosen by the Policyholder at the inception or at any time during the Policy term basis which guaranteed maturity sum assured will be payable to the Policyholder/ Nominee.
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Related to Payout Option

  • Performance Grant means an Award subject, in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • LTIP Award means each or any, as the context requires, LTIP Award issued under any Equity Incentive Plan.

  • Performance Award Agreement means a written agreement between the Company and a Holder with respect to a Performance Award.

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Unit Award means an award of Performance Units under this Plan.

  • Performance Award Formula means, for any Performance Award, a formula or table established by the Committee pursuant to Section 10.3 which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance Goal(s) measured as of the end of the applicable Performance Period.

  • Target Award means the target award, at 100% of target level performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b).

  • Grant Amount or “Grant” means the total amount of financial assistance disbursed under this Agreement, which consists of the City's Amount and the Consultant’s Amount.

  • Share Award means an Award of Shares granted pursuant to Section 10.

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Share Units means Performance Share Units granted to an Eligible Individual under Section 9.1(b).

  • PSU means Public Sector Undertaking

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Incentive Award means the right to receive a cash payment to the extent Performance Goals are achieved, and shall include “Annual Incentive Awards” as described in Section 10 and “Long-Term Incentive Awards” as described in Section 11.

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • RSU means a contractual right granted pursuant to Section 9 that is denominated in Shares. Each RSU represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of RSUs may include the right to receive dividend equivalents.

  • Equity Award means stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares or any other form of award that is measured with reference to the Stock.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • RSU Award Agreement means a written agreement between the Company and a holder of a RSU Award evidencing the terms and conditions of a RSU Award grant. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary of the general terms and conditions applicable to the RSU Award and which is provided to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.

  • PSUs means the outstanding performance share units governed by the performance share unit plan of the Company dated December 16, 2013, as amended from time to time;

  • Phantom Stock Award Agreement means a written agreement between the Company and a Holder with respect to a Phantom Stock Award.

  • Share Appreciation Right means the right pursuant to an Award granted under Section 8 below to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

  • RSU Award or “RSU” means an Award of restricted stock units representing the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

  • Performance Units means an Award which may be earned in whole or in part upon attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator.

  • Cash Performance Award means an Award that is denominated by a cash amount to an Eligible Person under Section 10 hereof and payable based on or conditioned upon the attainment of pre-established business and/or individual Performance Goals over a specified performance period.