Full annuity Sample Clauses

The "Full annuity" clause establishes that a party is entitled to receive the entire annuity payment as specified in the agreement, without reductions or offsets. In practice, this means that the recipient will be paid the full amount of the annuity on the agreed schedule, regardless of other circumstances such as partial performance or external claims. This clause ensures predictable and complete payments, providing financial certainty and protecting the recipient from unexpected deductions.
Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive (a) At commencement of annuity, a participant or former participant may
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Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive (a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 percent share for the former spouse, the base $13,220. If the former spouse qualifies for ...
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Full annuity. If a participant retires and does not provide a survivor annuity to a spouse, former spouse or designated bene- ficiary, the participant receives a ‘‘full’’ annuity. A full annuity means an annuity computed without any sur- vivorship reduction. Example: Average salary $20,000 and maximum of 35 years of service. Average basic annual salary for high 3 consecutive § 19.10–2 Reduced annuity with reg- ular survivor annuity to spouse or former spouse. (a) At commencement of annuity, a participant or former participant may provide a regular survivor annuity for any eligible former spouse and, within the limits of paragraph (b) of this sec- tion, a regular survivor annuity to any spouse to whom he/she is then married as described in §§ 19.11–2 and 19.11–3, re- spectively. A regular survivor annuity for a spouse or former spouse equals 55 percent of the portion of the retiree’s annuity (up to the full amount) des- ignated as the base for the survivor an- nuity. To provide the survivor annuity, the participant must accept a reduc- tion in his/her full annuity equal to 21⁄2 percent of the first $3,600 of the des- ignated base, plus 10 percent of the bal- ance of the base. If a regular survivor annuity is being provided for both a spouse and a former spouse, the bases for each are added and the calculation made as in the following example: Participant’s full annuity as computed in § 19.10–1: $14,000. Maximum regular survivor annuity is 55 percent of full annuity: $7,700. $10,500. The base for the maximum regular sur- vivor annuity for a spouse would then be 25 percent of $14,000, or $3,500. Combined base: $14,000. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($14,000–3,600) $10,400: $1,040. Total reduction in participant’s full annu- ity: $1,130. Participant’s reduced annuity: $12,870. Survivor annuity for former spouse: 55 per- cent of $10,500 or $5,775. Survivor annuity for spouse: 55 percent of $3,500 or $1,925. Joint election of base for regular survivor annuity of 90 percent of the maximum, or 90 percent of $14,000: $12,600. Participant’s full annuity reduced as fol- lows: 21⁄2 percent of first $3,600 of the base: $90. Plus 10 percent of the amount over $3,600 ($12,600–3,600) $9,000: $900. Total reduction in participant’s full annu- ity: $990. Participant’s reduced annuity: $13,010. In this example, if divorce occurs subse- quent to retirement and a court orders a 75 perc...
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Full annuity. The Supplemental Retirement Benefit shall be payable in monthly installments as described in Section 2.2 of the SERP Agreement.
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Related to Full annuity

  • 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.

  • 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.

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • 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.