DEFERMENT OF BENEFIT PAYMENTS Clause Samples

The Deferment of Benefit Payments clause allows for the postponement of scheduled benefit payments under certain conditions. Typically, this clause is invoked if specific events occur, such as administrative delays, legal restrictions, or the need for additional documentation from the beneficiary. By permitting the temporary suspension of payments, the clause ensures that benefits are only distributed when all requirements are met, thereby protecting the interests of both the payer and the recipient and preventing improper or premature disbursement.
DEFERMENT OF BENEFIT PAYMENTS. SEPARATE ACCOUNT DIVISIONS. The Company reserves the right to defer determination of the contract values of the Separate Account portion of this contract, or the payment of benefits under a variable payment plan, until after the end of any period during which the right to redeem shares of a Portfolio is suspended, or payment of the redemption value is postponed. Any deferment would be in accordance with the provisions of the Investment Company Act of 1940 by reason of closing of, or restriction of trading on, the New York Stock Exchange, or other emergency, or as otherwise permitted by the Act. In addition, the Company reserves the right to defer payment of contract values until seven days after the end of any deferment in the determination of contract values.
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DEFERMENT OF BENEFIT PAYMENTS. The Company reserves the right to defer determination of the contract values of this contract, or the payment of benefits under a variable payment plan, until after the end of any period during which the right to redeem shares of a Portfolio is suspended, or payment of the redemption value is postponed. Any deferment would be in accordance with the provisions of the investment Company Act of 1940 by reason of closing of, or restriction of trading on, the New York Stock Exchange, or other emergency, or as otherwise permitted by the Act. In addition, the Company reserves the right to defer payment of contract values until seven days after the end of any deferment in the determination of contract values.
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DEFERMENT OF BENEFIT PAYMENTS. The Company may defer determination and payment of contract benefits and payments or withdrawals (Section 7.5) under a variable patent plan until after the end of any period during which the right to redeem shares of a Fund is suspended, or during which payment of the redemption value is postponed. Any deferment would be in accordance with the provisions of the Investment Company Act of 1940 by reason of the closing of, or the restriction of trading on, the New York Stock Exchange, or other emergency, or as otherwise permitted by the Act. In addition, the Company reserves the right to defer payment of benefits from any of the Divisions of the Separate Account until seven days after the end of a deferment in the determination of such benefits. The Company reserves the right to defer payment of contract benefits from a GRF Account and withdrawals under a fixed payment plan (Section 7.5) for up to six months from the date of request If payment is deferred for 30 days or more, interest will be paid on the benefit proceeds at an annual effective rate of 3 1/2% from the date of request to the date of payment.
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Related to DEFERMENT OF BENEFIT PAYMENTS

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in ▇▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇, (▇▇) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.