GROUP ANNUITY CONTRACTS Sample Clauses

The "Group Annuity Contracts" clause defines the terms and conditions under which annuity contracts are issued to a group, typically by an insurance company to an employer or organization for the benefit of its employees or members. This clause outlines eligibility requirements, the process for enrolling participants, and the manner in which benefits are calculated and paid out under the group arrangement. Its core practical function is to establish a standardized framework for providing retirement or other annuity benefits to multiple individuals under a single contract, thereby streamlining administration and ensuring consistent coverage for all eligible participants.
GROUP ANNUITY CONTRACTS. For purposes of this Agreement, a group annuity contract which has not been registered under the 1933 Act and which is to be issued in connection with a stock bonus, pension, or profit-sharing plan which meets the requirements for qualification under section 401 of the Internal Revenue Code (or in connection with another kind of plan specified in Section 3(a)(2) of the 1933 Act) ("Exempt Group Contract") shall be deemed to be an Insurance Contract, but a sale of an Exempt Group Contract by a Securities Agent shall be subject to any applicable NASD rules. Broker-Dealer shall supervise and maintain records with respect to such transactions as may be required by any applicable NASD rules.
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GROUP ANNUITY CONTRACTS. The fair value of group annuity contract deposits at December 31, 1997 and 1996 was comprised of the following: DECEMBER 31, ----------------------- 1997 1996 ----------- ----------- ▇▇▇▇ ▇▇▇▇▇▇▇ Mutual Life Insurance Company contract deposit, GAC7892, due 12/1/97 (5.77% in 1996)............................................ -- $ 2,729,307 Hartford contract deposit, GA10156, due 12/21/98 (4.87% in 1997 and 1996)......................... $ 2,563,076 2,493,039 Life of Georgia contract deposit, FR101, due 9/9/99 (5.93% in 1997 and 6.15% in 1996)................ 6,282,171 5,935,391 Pacific contract deposit, G2608401, due 6/1/98 (6.65% in 1997 and 1996)......................... 3,149,032 2,952,635 Provident contract deposit, #627-0569-201A, due 6/1/99 (6.21% in 1997 and 1996)......................... 3,723,764 3,506,039 Sun Life America contract deposit, #4656, due 7/25/98 (6.58% in 1997 and 1996)......................... 2,191,985 2,056,298 Allamerica contract deposit, GA91636A, due 11/30/99 (8.05% in 1997 and 1996)......................... 4,522,389 4,185,459 Ohio National contract deposit, #5708, due 11/30/99 (6.75% in 1997 and 1996)......................... 2,979,775 2,792,475 Protective Life contract deposit, GA1191, due 6/1/98 (5.85% in 1997 and 1996)......................... 2,892,390 2,732,537 ▇.▇. ▇▇▇▇▇▇ contract deposit, NALCO-01, due 6/1/2000 (5.50% in 1997 and 6.08% in 1996)................ 10,000,000 10,000,000 New York Life contract deposit, #30481, due 6/30/99 (6.11% in 1997 and 1996)......................... 5,553,351 5,233,580 New York Life contract deposit, #30481-002, due 7/12/97 (5.90% in 1996).................................. -- 1,538,896 Principal Mutual contract deposit, #4-23183, due 12/31/2000 (6.41% in 1997 and 1996)......................... 5,581,170 5,244,967 Transamerica contract deposit, S1393-00, due 1/30/98 (6.13% in 1997 and 1996)......................... 1,526,821 2,877,264 ----------- ----------- $50,965,924 $54,277,887 =========== =========== Average yields for the above contracts are not calculated as the rates are guaranteed. No valuation reserve was established in 1997 or 1996 as the companies listed all maintain at least an A+ credit rating. NOTE 7--STATEMENTS OF NET ASSETS: The statements of net assets available for plan benefits by fund as of December 31, 1997 and 1996 are as follows: NALCO CHEMICAL COMPANY ---------------- PROFIT SHARING, INVESTMENT AND PAY DEFERRAL PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFI...
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Related to GROUP ANNUITY CONTRACTS

  • 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.

  • ANNUITY PAYMENTS GENERAL Benefits payable under this Contract may be applied in accordance with one or more of the Annuity Options described below, subject to any restrictions of Internal Revenue Code sections 401(a)(9) and 408(b)(3). If guaranteed payments are to be made, the period over which the guaranteed payments are made may not exceed the period permitted under Section 1.401(a)(9)-6 of the Income Tax Regulations. Once Annuity Payments commence, the Annuity Option may not be changed. We will send you information about Annuity Options before the Annuity Commencement Date. If by the Maturity Date, you do not choose an Annuity Option, make a total withdrawal of the Surrender Value, or ask us to change the Maturity Date, we will automatically pay you Annuity Payments under the Annuity Option shown on the Specifications Page and the Annuity Commencement Date is considered to be the Maturity Date. You can change the Annuity Option at any time before Annuity Payments commence. You may select a Fixed or Variable Annuity. We will provide variable Annuity Payments unless otherwise elected. Once Annuity Payments commence, the Annuity Option may not be changed. The method used to calculate the amount of the initial and subsequent Annuity Payments is described below. If the monthly income is less than $20, we may pay the greater of the Contract Value or the commuted value of the Lifetime Income Benefit in one lump sum on the Maturity Date, or the Annuity Commencement Date if earlier. VARIABLE ANNUITY PAYMENTS We will determine the amount of the first variable Annuity Payment by applying the portion of the Contract Value used to effect a Variable Annuity (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and assumed interest rate shown on the Specifications Page. We will provide a table of the annuity factors upon request. If the current rates in use by us on the Annuity Commencement Date are more favorable to you, we will use the current rates. The portion of the Contract Value used to effect a Variable Annuity will be measured as of a date not more than 10 business days prior to the Annuity Commencement Date. Subsequent payments will be based on the investment performance of the Investment Options you elected. The amount of each subsequent variable Annuity Payment is determined by multiplying the number of Annuity Units credited for each Investment Option you elect by the appropriate Annuity Unit value on each subsequent determination date, which is a uniformly applied date not more than 10 business days before the payment is due. The number of Annuity Units is determined by dividing the portion of the first payment allocated to an Investment Option by the Annuity Unit value for that Investment Option determined as of the same date that the Contract Value used to effect Annuity Payments was determined. The portion of the first payment allocated to an investment Option will be determined in the same proportion that the Investment Account Value of each Investment Option bears to the Contract Value used to effect the Variable Annuity, unless you elect a different allocation. MORTALITY AND EXPENSE We guarantee that the dollar amount of each GUARANTEE variable Annuity Payment will not be affected by changes in mortality and expense experience. 12.1 ANNUITY UNIT VALUE The value of an Annuity Unit for each Investment Option for any Valuation Period is determined as follows: (a) The net investment factor for the corresponding Sub-Account for the Valuation Period for which the Annuity Unit value is being calculated is multiplied by the value of the Annuity Unit for the preceding Valuation Period; and (b) The result is adjusted to compensate for the interest rate used to determine the first variable Annuity Payment. The dollar value of Annuity Units may increase, decrease or remain the same from one Valuation Period to the next. FIXED ANNUITY PAYMENTS We will determine the amount of each fixed Annuity Payment by applying the portion of the Contract Value used to effect a Fixed Annuity measured as of a date not more than 10 business days prior to the Annuity Commencement Date (minus any applicable premium taxes) to the Annuity Option elected based on the mortality table and interest rate shown on the Specifications Page. The fixed Annuity Payment will not be less than that available by applying the Contract Value to purchase a single premium immediate annuity then offered to the same class of annuitants by us or a company affiliated with us. We guarantee the dollar amount of fixed Annuity Payments.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future: