Common use of Pension Payments Clause in Contracts

Pension Payments. Pension payments commence on the actual retirement date. Payments continue for the lifetime of the employee. Should an employee die during the five years following commencement of the pension, pension payments will continue to be paid to his/her designated beneficiary or the commuted value of said remaining payments to his/her estate for the balance of the five year period unless an optional form of pension had been selected.

Pension Payments. Pension payments commence on the actual retirement date. Payments continue for the lifetime of the employee. Should an employee die during the five years following commencement of the pension, pension payments will continue to be paid to his/her designated beneficiary or the commuted value of said remaining payments to his/her estate for the balance of the five five-year period unless an optional form of pension had been selected.