PERIODIC DISTRIBUTION OPTION Clause Samples

PERIODIC DISTRIBUTION OPTION. The Annuitant may elect pursuant to Section 4.02 to receive the Account Balance of each of the Annuitant's Accounts under the periodic distribution option described in this Section 4.04, so long as such payments extend for a period of three years or longer. Such option, subject to the conditions set forth in the following subparagraphs and the provisions of Section 4.05, provides either: (a) PERIOD CERTAIN: A series of monthly, quarterly, semi-annual or annual installment payments (as specified by the Annuitant) over a number of whole years beginning as of the Annuitant's Retirement Date, such number of whole years being the lesser of (i) the number of whole years designated by the Annuitant before the Annuitant's Retirement Date and (ii) the number of years equal to the greater of the life expectancy of the Annuitant and the joint and last survivor life expectancy of the Annuitant and the Annuitant's designated beneficiary as of the Annuitant's Retirement Date, rounded to the next lower whole year. If permitted by AXA Equitable pursuant to its rules in effect at the time, the life expectancy of the Annuitant and his/her spouse may be recalculated once each year. The life expectancy of a beneficiary other than the Annuitant's spouse may not be recalculated after distribution has commenced.
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PERIODIC DISTRIBUTION OPTION. The Participant may elect pursuant to Section 4.02 to receive the Participant's Account Balance under the periodic distribution option. Such option, subject to the conditions set forth in the following paragraph, provides a series of monthly installment payments over a number of whole years beginning as of the Participant's Retirement Date, or as soon thereafter as is practicable, such number of whole years being the lesser of (i) the number of whole years designated by the Participant before the Participant's Retirement Date and (ii) the number of the years equal to the greater of the life expectancy of the Participant, and the ANNUITY BENEFIT--(cont'd) joint and last survivor expectancy of the Participant and the Participant's spouse as of the Participant's Retirement Date, rounded to the next lower whole year. Conditions: ----------- 1. The monthly amount of installment payments shall be computed by Equitable monthly, beginning on the date as of which monthly installment payments commence and, thereafter, as of the first day of each succeeding month. The amount of each such monthly installment payment shall be determined by dividing the Participant's Account Balance as of the first day of each such month by the number of months then remaining under the periodic distribution option, less a monthly transaction charge of $1.50. 2. Each monthly installment payment will be withdrawn from the Participant's Investment Accounts in proportion to the amount of the Participant's interest in each Investment Account immediately before such payment is made. 3. The Participant Service Charge will continue to be withdrawn from the Participant's Account in accordance with Section 3.08; during the last whole year of installment payments such charge shall be deducted as necessary from the last monthly installment payments made. 4. While monthly installment payments are being made. (a) the Participant may transfer amounts among the Investment Accounts maintained for the Participant pursuant to Section 3.05, but (b) no Contributions may be made for the Participant. 5 The Participant may elect by advance written notice to have Equitable cease making monthly installment payments and instead pay in a single sum to the Participant the Participant's Account Balance, minus a $5 processing charge. Upon making such payment Equitable will be released from any and all liability for payments with respect to the contributions made for the Participant. 6 No monthly installment payment s...
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PERIODIC DISTRIBUTION OPTION. The Participant may elect pursuant to Section 4.02 to receive the Account Balance of each of the Participant's Accounts under the periodic distribution option described in this Section 4.04, so long as such payments extend for a period of three years or longer. Such option, subject to the conditions set forth in the following subparagraphs and the provisions of Section 4.05, provides either: (a) PERIOD CERTAIN: A series of monthly, quarterly, semi-annual or annual installment payments (as specified by the Participant) over a number of whole years beginning as of the Participant's Retirement Date, such number of whole years being the lesser of (i) the number of whole years designated by the Participant before the Participant's Retirement Date and (ii) the number of years equal to the greater of the life expectancy of the Participant and the joint and last survivor life expectancy of the Participant and the Participant's designated beneficiary as of the Participant's Retirement Date, rounded to the next lower whole year. If permitted by AXA Equitable pursuant to its rules in effect at the time, the life expectancy of the Participant and his/her spouse may be recalculated once each year. The life expectancy of a beneficiary other than the Participant's spouse may not be recalculated after distribution has commenced. 301-10,001-2002 Page 20
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Related to PERIODIC DISTRIBUTION OPTION

  • Stock Distribution /Rights Exercise Fee by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the distribution of ADSs pursuant to (a) stock dividends or other free stock distributions, or (b) an exercise of rights to purchase additional ADSs;

  • Election Period The period which begins on the first day of the Plan Year in which the Participant attains age thirty-five (35) and ends on the date of the Participant’s death. If a Participant separates from Service prior to the first day of the Plan Year in which age thirty-five (35) is attained, the Election Period shall begin on the date of separation, with respect to the account balance as of the date of separation.

  • Contract Distribution The Employer will provide all current and new employees with a link to the new Agreement. Each department or unit will maintain a paper copy of the contract accessible to all employees.

  • REMIC Distributions On each Distribution Date the Trustee shall be deemed to have allocated distributions to the REMIC I Regular Interests, REMIC II Regular Interests, Class CE Interest, Class P Interest and Class IO Interest in accordance with Section 5.07 hereof.

  • Required Distributions Except in the case of a special needs beneficiary, the assets of the ▇▇▇▇▇▇▇▇▇ ESA are required to be distributed to the designated beneficiary within 30 days of the designated beneficiary’s attainment of age 30. The designated beneficiary will be subject to both income tax and an additional 10 percent penalty tax on the portion of the distribution that represents earnings, if the designated beneficiary does not have any qualified education expenses in that year. Any balance remaining in the ▇▇▇▇▇▇▇▇▇ ESA upon the death of the designated beneficiary will be distributed within 30 days of the designated beneficiary’s death, unless a death beneficiary is named and the death beneficiary is a qualified family member under age 30. If the death beneficiary is a qualified family member under age 30, that individual will become the designated beneficiary as of the date of death. Qualified family members include the designated beneficiary’s child, grandchild, or ▇▇▇▇▇▇▇▇▇, brother, sister, stepbrother, or stepsister, nephew or niece, parents, stepparents, or grandparents, uncle or aunt, spouses of all the family members listed above, cousin, and the designated beneficiary’s spouse. If a qualified family member becomes the designated beneficiary, the custodian, if it so chooses for any reason (e.g., due to limitations of its charter or bylaws), may require a total distribution of the ▇▇▇▇▇▇▇▇▇ ESA by December 31 of the year following the year of the original designated beneficiary’s death.