Annuity Value

Annuity Value. With respect to your account under any defined contribution plan, the monthly amount of single life annuity, beginning at age sixty-five, that could be purchased with the fair market value of that account as of the valuation last preceding the first payment under this letter or such plan, whichever occurs first. For this purpose, amounts contributed by you and any earnings thereon shall be disregarded and the interest and mortality assumptions used... to determine optional benefits under the UTI Pension Plan in which you last were an active participant shall apply; provided that the annuity value of your account under the UTI Corporation 401(K) Plan will be determined as if the Company had contributed 2% of your base pay for each year in which matching contributions are made, with earnings determined at the annual rate paid on the guaranteed investment fund of the 401(K) Plan for each year. 10 December 1, 1990 Page 10 View More