Pop Up Option Sample Clauses
A Pop Up Option clause grants a party the right to accelerate or trigger a specific contractual right or obligation earlier than originally scheduled, often upon the occurrence of certain events. For example, in a lease agreement, this clause might allow a tenant to purchase the property before the lease term ends if the landlord decides to sell. The core practical function of a Pop Up Option is to provide flexibility and protect the interests of the party holding the option, ensuring they are not disadvantaged by unforeseen changes or opportunities during the contract term.
POPULAR SAMPLE Copied 1 times
Pop Up Option. A retirant may elect this option in combination with Option A or B of Section 26 of the Ordinance. Under this option, a reduced retirement allowance is payable during the joint lifetime of the retirant and his/her beneficiary nominated under Option A or B, whichever is elected. Upon the death of the retirant, his/her beneficiary will receive a retirement allowance for life equal to the percentage specified by Option A or B of the reduced retirement income payable during the joint lifetime of the retirant and his/her beneficiary. Upon the death of the beneficiary, the retirant will receive a retirement allowance equal to one hundred percent of the amount specified by Section 26 (a) of the Macomb County Employees' Retirement Ordinance for the remaining lifetime of the retirant. The reduced retirement allowance payable during the joint lifetime of the retirant and his/her beneficiary together with the retirement allowance payable to one upon the death of the other will be actuarially equivalent to the retirement allowance provided by Section 22 of the Macomb County Employees' Retirement Ordinance as a single life annuity. This provision shall be without force or effect unless or until the retirant submits acceptable documentation of the death of his/her beneficiary to the Secretary of the Retirement Commission.
Pop Up Option. When an employee selects a beneficiary through option A or B at the time of retirement and the beneficiary is subsequently removed as a result of death, the retirement selection shall automatically revert to Straight Life Allowance.
Pop Up Option. If the Participant elects one of the Contingent Annuitant options listed above, he or she may elect also to have his or her monthly benefit return to the original straight life annuity amount he or she would have had, without the contingent annuitant option, if the Contingent Annuitant (Beneficiary) dies before the Participant. The monthly benefit to the Participant may be actuarially reduced under this option. If the Pop-up Option is selected, the benefit will be increased to the original life annuity amount after the death of the beneficiary for the life of the Participant subject to the following conditions:
a. The election of the Pop-up Option must be made in writing on a form prescribed by the Trustees and filed with the Trustees.
b. Any election or revocation may not be made or altered after payment of the pension has commenced.
c. If the beneficiary dies before the Participant begins to receive his pension, the election will be void and the Participant will be treated as if no election were made. Unless the pop-up option has been selected, the contingent annuitant option selected shall remain in effect if the beneficiary dies after the Participant has retired, and the Participant shall continue to receive the reduced benefit as calculated under the contingent annuitant option initially selected.
Pop Up Option. A bargaining unit member who retires during the term of this agreement and who elects benefits pursuant to Option "A' (100% joint and survivor) or Option "B" (50% joint and survivor) may additionally elect to have the benefit revert to the straight life benefit amount if the member's beneficiary should predecease the member. The cost of this benefit shall be funded by the reduction of the initial benefits payable to the Employee and not by an additional cost to the Employer.
Pop Up Option. If the Participant elects one of the Contingent Annuitant options listed above, he or she may elect also to have his or her monthly benefit return to the original straight life annuity amount he or she would have had, without the contingent annuitant option, if the Contingent Annuitant (Beneficiary) dies before the Participant. The monthly benefit to the Participant may be actuarially reduced under this option. If the Pop-up Option is selected, the benefit will be increased to the original life annuity amount after the death of the beneficiary for the life of the Participant subject to the following conditions:
a. The election of the Pop-up Option must be made in writing on a form prescribed by the Trustees and filed with the Trustees.
b. Any election or revocation may not be made or altered after payment of the pension has commenced.
c. If the beneficiary dies before the Participant begins to receive his pension, the election will be void and the Participant will be treated as if no election were made. Unless the pop-up option has been selected, the contingent annuitant option selected shall remain in effect if the beneficiary dies after the Participant has retired, and the Participant shall continue to receive the reduced benefit as calculated under the contingent annuitant option initially selected.