ALLOCATION OF ANNUITY Sample Clauses

The Allocation of Annuity clause defines how annuity payments are distributed among designated parties. Typically, it outlines the proportions or schedule by which beneficiaries receive payments, and may specify conditions under which allocations can change, such as the death of a beneficiary or changes in financial circumstances. This clause ensures clarity and fairness in the distribution of annuity proceeds, preventing disputes and providing a clear framework for payment allocation.
ALLOCATION OF ANNUITY. When the Owner makes a choice as to annuity option, he or she will also choose between a Fixed Annuity, a Variable Annuity or any combination of the two. If a choice is not made at least 30 days before the Maturity Date, as stated in Section 27, payments will be made on a Variable Annuity basis.
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ALLOCATION OF ANNUITY. 5 2.07 Determination of First Payment................................................. 5 2.08
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ALLOCATION OF ANNUITY. A Participant may elect to have any portion of his Individual Account applied to provide either a variable annuity or a fixed annuity or a combination of both; provided that where a transfer of accumulation units from one Account to the other is required, written notice of election must be received by the Company at least 30 days prior to the Annuity Commencement Date and the first payment provided by each Account must be at least $10.00. In the absence of any notification by the Contract Owner to the contrary, when an Annuity is effected for a Participant, who elected a Deferred Annuity, General Account accumulation units will be applied to provide a fixed-dollar annuity and Separate Account accumulation units will provide a variable annuity.
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ALLOCATION OF ANNUITY. When you elect one of the first five annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, guaranteed annuity, or a combination of both. If you elect option 6, you may specify whether the net investment factor for Separate Account No. 2 or the General Account is to apply, or whether the amount due shall be split between the two accounts. If no election is made to the contrary on these options, that portion of accumulated value in the Separate Account shall be applied to provide a variable annuity and that portion in the General Account shall be applied to provide a guaranteed annuity. If you elect option 7, we will consider this an election to place the entire accumulated value in the General Account.
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ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant’s Account applied to provide a fixed dollar annuity, a variable annuity, or a combination of both. The election of an annuity payment option by a Participant may not result in a first payment that is less than $20.00. If at any time Annuity HL-15420 SPECIMEN payments are to become less than $20.00, the Company has the right to change the frequency of payment to intervals that will result in payments of at least $20.00. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than $10.00, the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least $10.00. Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in “Valuation Provisions” at Section 6. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section 6, Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the “Valuation Provisions”, for the fifth business day preceding the date the annuity payment is due.
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ALLOCATION OF ANNUITY. Unless Minnesota Mutual shall be notified in writing to the contrary by the Owner at least 30 days prior to the Annuity Commencement Date, General Account accumulation units will be applied to provide a fixed dollar annuity and Separate Account accumulation units will be applied to provide a variable annuity.
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ALLOCATION OF ANNUITY. When you elect one of the annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, fixed annuity, or a combination of both. If no election is made to the contrary on these options, the Accumulated Value in the Divisions of the Separate Accounts will be applied to provide a variable annuity. For the variable portion of an annuity option, the amounts applied to the annuity are used to purchase Annuity Units in the selected Division(s). The number of Annuity Units purchased in each Division is calculated as the dollar amount of the first Annuity Payment provided by Proceeds from that Division divided by the Annuity Unit value for the Division as of the Annuity Date. On any payment date, the amount of payment from each Division is calculated as the number of Annuity Units for the Division times the Annuity Unit value for the Division as of the payment date, less any applicable administrative charges. Although variable Annuity Payments will vary to reflect performance of the Divisions, we guarantee that the dollar amounts of variable Annuity Payments will not be adversely affected by our actual expense and mortality results. MINIMUM AMOUNTS The minimum amount for each payee that can be placed under an option and the minimum amount of any payments under an option will be based on our rules at the time the option is to become effective (or as required by state law). A person who receives Annuity Payments under an annuity option is a payee. Except for a legal guardian, a payee must generally be a natural person receiving benefits in his or her own right. With our consent, the payee may be a trustee, assignee, corporation, or partnership. CONTINGENT PAYEE The payee may name contingent payees, subject to any restrictions under an annuity option chosen during the Annuitant's lifetime, under the following conditions: 1. If you are the payee; or 2. If at any time after the Annuitant's death and during the option period no previously named contingent payee is living. The named contingent payee will be disregarded if making that person or entity the contingent payee would prevent treatment of this Contract as an annuity for federal income tax purposes. Designations made by the payee under these provisions may be changed by the payee. Such changes must be made by Written Request satisfactory to us. Changes will only take effect when we accept them in writing at our Annuity Service Office. At that time, the contingent intere...
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ALLOCATION OF ANNUITY. The Contract Owner may elect to have the Net Accumulated Value of the Contract applied at the Annuity Commencement Date to provide a Fixed Annuity, a Variable Annuity, or any combination thereof. Such elections must be made in writing to the Company at its Executive Office at least 30 days prior to the Annuity Commencement Date. Any allocations under this provision are subject to the requirements of Section VI-G, Adjustment of Monthly Payment.
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ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant's Account applied to provide [a fixed dollar annuity, a variable annuity, or a combination of both]. The election of an annuity payment option by a Participant may not result in a first payment that is less than [$20.00]. If at any time Annuity payments are to become less than [$20.00], the Company has the right to change the frequency of payment to intervals that will result in payments of at least [$20.00]. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than [$10.00], the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least [$10.00]. [Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in "Valuation Provisions" at Section [6]. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section [6], Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the "Valuation Provisions", for the fifth business day preceding the date the annuity payment is due.]
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Related to ALLOCATION OF ANNUITY

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Fixed Annuity An Annuity with payments which do not vary in amount.

  • 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.

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.