Contingent Annuitant Option. Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him during his life time after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life after the death of the retired employee. Such election may be made by an employee at any time at least one (1) year prior to his retirement date or within one (1) year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his retirement date, the provision of Section VIII shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this Agreement will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
Contingent Annuitant Option. An employee may elect, instead of the retirement benefit as heretofore provided, to have reduced retirement benefits made commencing on the employee's retirement date and after death such reduced payments, or any lesser amount selected by the employee, will be continued to the designated beneficiary, if living after the employee's death, for the beneficiary's lifetime.
Contingent Annuitant Option. Such election will provide for an actuarially reduced pension payable during his life and a continuing pension after the death of the retired former Employee payable during the life of the designated contingent annuitant, in a monthly amount equal to either one hundred percent (100%) or fifty percent (50%) of his pension as it is actuarially reduced; provided, however, that only that portion of a monthly pension payable pursuant to Paragraph 3 of this Article V equal to that amount payable if the retired former Employee is or might be eligible for any primary benefit unreduced by reason of age pursuant to any Social Security or comparable law of the United States of America shall be actuarially reduced. Subject to Paragraph 8 of this Article V, an Employee having elected this option may, prior to its effective date, revoke this option only by submitting evidence satisfactory to the Pension Board of the contingent annuitant's good health.
Contingent Annuitant Option. Under this payment option, you may continue all or part of your monthly benefit to any survivor you name. This method pays a reduced benefit to you during your lifetime, with 50%, 75%, or 100% of that benefit continuing to the survivor you named. The benefit is reduced because payments are expected to be made over two lifetimes instead of one. The amount of the reduction is based on the percentage of your benefit you choose to continue to your survivor, your age, and your survivor's age. If the survivor you name is not your spouse, the law restricts the percentage your survivor can receive.
Contingent Annuitant Option. (a) Members may elect a joint annuitant not less than six (6) months prior to commencement of benefits.
Contingent Annuitant Option. A Participant may elect to receive an actuarially reduced monthly retirement benefit with a continuation upon his or her death after retirement of the monthly benefit to the person named as Contingent Annuitant (beneficiary) in the amount selected by the Participant. The Contingent Annuitant Option may not be elected by a Participant if it would result in a monthly benefit of less than twenty dollars ($20) to the Pensioner or his beneficiary. The Participant's monthly benefit shall be a percentage of the full monthly amount he/she would otherwise receive as a single life pension (after adjustment, if any, for early retirement) as selected by the Participant. The Contingent Annuitant options available are:
Contingent Annuitant Option. If a Participant elected a contingent annuitant (beneficiary) option, then, upon his or her death after retirement, his beneficiary will receive a monthly retirement benefit in the amount selected by the Participant. Under the contingent annuitant option, on the death of the last survivor, a lump sum payment shall be made to the estate of the last survivor, of the excess, if any, of accumulated Employee contributions at retirement over pension payments made to both Participant and beneficiary.
Contingent Annuitant Option. (a) Effective April 1, 2004, in lieu of the monthly basic benefit otherwise payable, an employee who retires pursuant to the normal or early provisions of this Article II may elect to receive during the employee’s lifetime a reduced amount of monthly basic benefit in order to provide for a survivor benefit to be payable to a contingent annuitant who may be any person designated by the employee provided the employee’s election has become effective and the contingent annuitant is living at the employee’s death.
Contingent Annuitant Option. Under this option, the Participant is paid a reduced monthly benefit for life and then, if the Participant’s beneficiary is still alive, a monthly benefit is paid to the beneficiary for the remainder of his or her life which is equal to 50% or 100% of the monthly benefit paid to the Participant. If the beneficiary is not still alive when the Participant dies, no further payments are made.
Contingent Annuitant Option. Under this option, a reduced monthly retirement benefit shall be payable during the Participant's lifetime, and upon his death 100%, 75% or 50%, as elected by the Participant, in writing, of the monthly benefit that had been payable to the Participant during his lifetime shall be paid to his designated Beneficiary, if such person survives the Participant, for the lifetime of such Beneficiary, with the last such payment being made on the first day of the month coincident with or immediately preceding the date of the Beneficiary's death. When the Plan Benefit is reduced pursuant to Section 9 subsequent to its original commencement date, then the elected option shall also be reduced at such date by the same Actuarial Equivalent factor as was applied initially to the calculation of the optional form of benefit. If a Participant with a Disability elects an optional form of benefit, the payments following such Participant's death shall not be adjusted to reflect a redetermination of the amounts initially determined in Section 9 but shall only reflect the application, if any, of the percentage elected under Section 2.
