AUTOMATIC FOR OF PENSION Sample Clauses

AUTOMATIC FOR OF PENSION. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pen- sion benefit shall continue to the spouse after the death of the employee at the rate of of the pension which in payment to the employee imme- diately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employ- ee shall be reduced such that the value of their pension benefit shall be actually equivalent to the normal form of pension. Any other form of pension herein may be elected if the employee and their spouse both waive the entitlement to this joint and form of pay- ment in the prescribed form or by means of a certified copy of a domes- tic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immedi- ately preceding the commencement of payments. OPTIONAL FORMS OF PENSION Subject to Article an employee may elect an optional form of pension by notifying the Company in writing prior to their date of retire- ment of the optional type of pension they wishes to receive. The amount of pension payable to an employee under an optional form shall be reduced such that the value of their optionalpension benefit shall be actu- arially equivalent to the normal for of pension. Any election of an option- al type of pension may be revoked or altered to another optional typed if done in writing prior to the commencement of their pension. Any option elected becomes binding upon the commencement date of the pension. The optional forms of pension are as follows:
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AUTOMATIC FOR OF PENSION. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of 605 of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actually equivalent to the normal form of pension. Any other form of pension herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments.
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Related to AUTOMATIC FOR OF PENSION

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  • HOLIDAY COMPENSATION FOR TIME WORKED 126. Employees required by their respective appointing officers to work on any of the above specified or substitute holidays, excepting Fridays observed as holidays in lieu of holidays falling on Saturday, shall be paid extra compensation of one additional day's pay at time- and-one-half the usual rate in the amount of 12 hours pay for 8 hours worked or a proportionate amount for less than 8 hours worked provided, however, that at the employee's request and with the approval of the appointing officer, an employee may be granted compensatory time off in lieu of paid overtime as provided for elsewhere in this contract. 127. Executive, administrative and professional employees designated in the Annual Salary Ordinance with the "Z" symbol shall not receive extra compensation for holiday work but may be granted time off equivalent to the time worked at the rate of-one-and-one-half times for work on the holiday.

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