Nontransferable Annuity Sample Clauses
A Nontransferable Annuity clause establishes that the rights to receive payments under an annuity contract cannot be sold, assigned, or otherwise transferred to another party. In practice, this means that only the designated annuitant is entitled to receive the scheduled payments, and these rights cannot be pledged as collateral or given to heirs or creditors. The core function of this clause is to ensure that the annuity benefits remain with the original recipient, protecting the integrity of the payment stream and preventing third parties from acquiring rights to the annuity.
Nontransferable Annuity. 1.05 1.24 ERISA.............................................. 1.06 1.25 Code............................................... 1.06 1.26 Service............................................ 1.06 1.27 Hour of Service.................................... 1.06 1.28 Disability......................................... 1.07 1.29 Service for Predecessor Employer................... 1.07 1.30
Nontransferable Annuity. If the Participant receives distribution in the form of a Nontransferable Annuity, the distribution satisfies this Section 6.02(C) if the contract complies with the requirements of Code §401(a)(9).
Nontransferable Annuity. 1.24 ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25 Code . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.26 Service . . . . . . . . . . . . . . . . . . . . . . . . . 1.27
Nontransferable Annuity. Nontransferable Annuity means an Annuity Contract which by its terms provides that it may not be sold, assigned, discounted, pledged as collateral for a loan or security for the performance of an obligation or for any purpose to any person other than the insurance company. If the Plan distributes an Annuity Contract, the Annuity Contract must be a Nontransferable Annuity.
Nontransferable Annuity. 1.05 1.24 ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 1.25 Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 1.26 Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 1.27 Hour of Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06 1.28 Disability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.07 1.29 Service for Predecessor Employer . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.07 1.30
Nontransferable Annuity. Anything contained herein to the contrary notwithstanding, if an annuity method of payment of a Participant’s Nonforfeitable Accrued Benefit is the method of payment selected as provided under the provisions of this Section 6.10, the Plan Administration Committee, in its sole discretion, may effectuate said annuity payment by purchasing a Nontransferable Annuity from an insurance company with the value of the Nonforfeitable Accrued Benefit of such Participant, provided that such Nontransferable Annuity satisfies the distribution requirements of Section 6.1.
Nontransferable Annuity. 3 1.24 ERISA ..................................................... 3 1.25 CODE ...................................................... 3 1.26 SERVICE ................................................... 3 1.27
Nontransferable Annuity. 5 1.24 ERISA.......................................................................6 1.25 Code........................................................................6 1.26 Service.....................................................................6 1.27
Nontransferable Annuity. An annuity which by its terms ----------------------- provides that it may not be sold, assigned, discounted, pledged as collateral for a loan or security for the performance of an obligation or for any purpose to any person other than the insurance company.
Nontransferable Annuity. If the Participant receives distribution in the form of a Nontransferable Annuity, the distribution satisfies this Section 6.02