Common use of Distribution of Benefits Clause in Contracts

Distribution of Benefits. (a) (1) Unless otherwise elected as provided below, a Participant who is married on the "annuity starting date" and who does not die before the "annuity starting date" shall receive the value of all of his benefits in the form of a joint and survivor annuity. The joint and survivor annuity is an annuity that commences immediately and shall be equal in value to a single life annuity. Such joint and survivor benefits following the Participant's death shall continue to the spouse during the spouse's lifetime at a rate equal to 50% of the rate at which such benefits were payable to the Participant. This joint and 50% survivor annuity shall be considered the designated qualified joint and survivor annuity and automatic form of payment for the purposes of this Plan. However, the Participant may elect to receive a smaller annuity benefit with continuation of payments to the spouse at a rate of seventy-five percent (75%) or one hundred percent (100%) of the rate payable to a Participant during his lifetime, which alternative joint and survivor annuity shall be equal in value to the automatic joint and 50% survivor annuity. An unmarried Participant shall receive the value of his benefit in the form of a life annuity. Such unmarried Participant, however, may elect in writing to waive the life annuity. The election must comply with the provisions of this Section as if it were an election to waive the joint and survivor annuity by a married Participant, but without the spousal consent requirement. The Participant may elect to have any annuity provided for in this Section distributed upon the attainment of the "earliest retirement age" under the Plan. The "earliest retirement age" is the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

Distribution of Benefits. (a) (1a)(1) Unless otherwise elected as provided below, a Participant who is married on the "annuity starting date" Annuity Starting Date and who does not die before the "annuity starting date" Annuity Starting Date shall receive the value of all of his Plan benefits in the form of a joint Joint and survivor annuitySurvivor Annuity. The joint Joint and survivor annuity Survivor Annuity is an annuity that commences immediately and shall be equal in value to a single life annuity. Such joint and survivor benefits following the Participant's death shall continue to the spouse during the spouse's lifetime at a rate equal to either fifty percent (50% %), seventy-five percent (75%) (or, sixty-six and two-thirds percent (66 2/3%) if the Insurer used to provide the annuity does not offer a joint and seventy-five percent (75%) annuity), or one hundred percent (100%) of the rate at which such benefits were payable to the Participant. This Unless otherwise elected in the Adoption Agreement, a joint and fifty percent (50% %) survivor annuity shall be considered the designated qualified joint Joint and survivor annuity Survivor Annuity and automatic the normal form of payment for the purposes of this Plan. However, the Participant may may, without spousal consent, elect to receive a smaller annuity benefit with continuation of payments to the spouse at a rate of seventy-five percent (75%) or one hundred percent (100%) of the rate payable to a Participant during his lifetimean alternative Joint and Survivor Annuity, which alternative joint and survivor annuity shall be equal in value to the automatic joint designated qualified Joint and 50% survivor annuitySurvivor Annuity. An unmarried Participant shall receive the value of his such Participant's benefit in the form of a life annuity. Such unmarried Participant, however, may elect in writing to waive the life annuity. The election must comply with the provisions of this Section as if it were an election to waive the joint Joint and survivor annuity Survivor Annuity by a married Participant, but without fulfilling the spousal consent requirement. The Participant may elect to have any annuity provided for in this Section distributed upon the attainment of the "earliest retirement age" under the Plan. The "earliest retirement age" is the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

Distribution of Benefits. (a) (1a)(1) Unless otherwise elected as provided below, a Participant who is married on the "annuity starting date" Annuity Starting Date and who does not die before the "annuity starting date" Annuity Starting Date shall receive the value of all of his Plan benefits in the form of a joint Joint and survivor annuitySurvivor Annuity. The joint Joint and survivor annuity Survivor Annuity is an annuity that commences immediately and shall be equal in value to a single life annuity. Such joint and survivor benefits following the Participant's death shall continue to the spouse during the spouse's lifetime at a rate equal to either fifty percent (50% %), seventy-five percent (75%) (or, sixty-six and two-thirds percent (662/3%) if the Insurer used to provide the annuity does not offer a joint and seventy-five percent (75%) annuity), or one hundred percent (100%) of the rate at which such benefits were payable to the Participant. This Unless otherwise elected in the Form of Distributions Section of the Adoption Agreement, a joint and fifty percent (50% %) survivor annuity shall be considered the designated qualified joint Joint and survivor annuity Survivor Annuity and automatic the normal form of payment for the purposes of this Plan. However, the Participant may may, without spousal consent, elect to receive a smaller annuity benefit with continuation of payments to the spouse at a rate of seventy-five percent (75%) or one hundred percent (100%) of the rate payable to a Participant during his lifetimean alternative Joint and Survivor Annuity, which alternative joint and survivor annuity shall be equal in value to the automatic joint designated qualified Joint and 50% survivor annuitySurvivor Annuity. An unmarried Participant shall receive the value of his such Participant's benefit in the form of a life annuity. Such unmarried Participant, however, may elect in writing to waive the life annuity. The election must comply with the provisions of this Section as if it were an election to waive the joint Joint and survivor annuity Survivor Annuity by a married Participant, but without fulfilling the spousal consent requirement. The Participant may elect to have any annuity provided for in this Section distributed upon the attainment of the "earliest retirement age" under the Plan. The "earliest retirement age" is the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

Distribution of Benefits. (a) (1a)(1) Unless otherwise elected as provided below, a Participant who is married on the "annuity starting date" Annuity Starting Date and who does not die before the "annuity starting date" Annuity Starting Date shall receive the value of all of his Plan benefits in the form of a joint Joint and survivor annuitySurvivor Annuity. The joint Joint and survivor annuity Survivor Annuity is an annuity that commences immediately and shall be equal in value to a single life annuity. Such joint and survivor benefits following the Participant's death shall continue to the spouse during the spouse's lifetime at a rate equal to fifty percent (50% %) of the rate at which such benefits were payable to the Participant. This joint Joint and 50% survivor annuity Survivor Annuity shall be considered the designated qualified joint Joint and survivor annuity Survivor Annuity and the automatic form of payment for the purposes of this Plan. However, the Participant may may, without spousal consent, elect to receive a smaller annuity benefit with continuation of payments to the spouse at a rate of seventy-five percent (75%) or one hundred percent (100%) of the rate payable to a Participant during his the Participant's lifetime, which alternative joint Joint and survivor annuity Survivor Annuities shall be equal in value to the automatic joint Joint and 50% survivor annuitySurvivor Annuity. An unmarried Participant shall receive the value of his such Participant's benefit in the form of a life annuity. Such unmarried Participant, however, may elect in writing to waive the life annuity. The election must comply with the provisions of this Section as if it were an election to waive the joint Joint and survivor annuity Survivor Annuity by a married Participant, but without fulfilling the spousal consent requirement. The Participant may elect to have any annuity provided for in this Section distributed upon the attainment of the "earliest retirement age" under the Plan. The "earliest retirement age" is the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.