Common use of Optional Forms Clause in Contracts

Optional Forms. A Participant may elect not later than two (2) months prior to retirement any one of the following optional forms of pension. 1. A monthly pension commencing on retirement date and payable during his/her lifetime, with one-half of the monthly pension payable to the beneficiary during the lifetime after the death of the participant. The amount of pension will depend upon the age and sex of both the beneficiary and the Participant, but in any event, will be smaller than the normal form of pension. 2. A monthly pension commencing on retirement date and payable during the lifetime of the participant with the same amount of pension payable to the beneficiary during his/her lifetime after the death of the participant. The amount of this monthly pension will depend upon the age and sex of both the beneficiary and the participant, but in any event, will be smaller than the normal form of pension. 3. A special survivor pension, payable for life equal to 90% increased or decreased by 1/2% for each full year by which the spouse is more than ten (10) years older or younger than the participant respectively.