DEFERRED ANNUITY Clause Samples

A Deferred Annuity clause establishes an agreement where payments to the annuitant begin at a future date rather than immediately. Typically, the purchaser makes either a lump sum payment or a series of contributions, which then accumulate interest or investment returns over a specified deferral period. This clause is commonly used in retirement planning, allowing individuals to grow their savings tax-deferred until they start receiving regular income payments at retirement. Its core function is to provide a structured way to accumulate funds and ensure a steady income stream in the future, addressing the need for long-term financial security.
DEFERRED ANNUITY. The Board agrees that during the term of this Contract, and in addition to any other compensation provided for in this Contract, the Board shall pay for a $3,000 annuity each year on behalf of the Assistant Superintendent. In addition, the Board agrees to pay the TRS “member contribution” applicable to such additional annuity directly to TRS on behalf of the Assistant Superintendent. Such contributions are subject to all requirements and limits contained in the Internal Revenue Code. The Assistant Superintendent does not have a right to receive these contributions in cash.
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DEFERRED ANNUITY. The Board agrees that during the term of this Contract, and in addition to any other compensation provided for in this Contract, the Board shall pay for a
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DEFERRED ANNUITY. The College may offer a 403B and a 457B Deferred Annuity Plan to the Faculty. The College shall have the right to select the provider(s) of the Plan(s) and Plan design. The College will not contribute financially to any deferred annuity.
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DEFERRED ANNUITY. Under a Deferred Annuity, you typically begin to receive payments at some future date, usually upon retirement. Deferred annuities usually allow you to make periodic withdrawals, and to invest a lump sum all at once or make periodic payments, which can be either fixed or variable. You do not make any tax payments until you make a withdrawal.
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DEFERRED ANNUITY. The Board, in accordance with applicable state and federal laws, and in accordance with the request of the Superintendent, shall withhold such amount of salary as annuity program as selected by the Superintendent.
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DEFERRED ANNUITY. An annuity contract under which the start of annuity payments is deferred to a future date.
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DEFERRED ANNUITY. A member who has 2 years of pensionable service, but is not yet entitled to an Immediate Annuity, may elect to receive a Deferred Annuity upon their discharge, which commences generally once the conditions for an Immediate Annuity are met.
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DEFERRED ANNUITY. The Board agrees that during the term of this Contract, and in addition to any other compensation provided for in this Contract, the Board shall pay on behalf of the Superintendent, each Contract year, an amount equal to Fifty-Thousand Dollars ($50,000.00) to a tax-sheltered annuity designated by the Superintendent. In addition, the Board agrees to pay the TRS “member contribution” applicable to such additional annuity directly to TRS on behalf of the Superintendent. Such contributions are subject to all requirements and limits contained in the Internal Revenue Code, as amended. The Superintendent does not have a right to receive these contributions in cash.
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Related to DEFERRED ANNUITY

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

  • 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.

  • 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. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Deferral Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.3, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of its shares during such twelve (12) month period. A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected.