Spousal Option Clause Samples
A Spousal Option clause grants a surviving spouse certain rights or benefits under an agreement, typically in the context of retirement plans, insurance policies, or employee benefits. This clause may allow the spouse to receive continued payments, elect a specific form of benefit, or inherit certain rights upon the death of the primary participant. Its core practical function is to provide financial security and continuity for the surviving spouse, addressing the risk of loss of income or benefits after the participant's death.
Spousal Option. In lieu of receiving the single coverage identified in section 16.3 a retiree who qualifies for single coverage may opt to select a less expensive plan, and use the differential toward health coverage for the spouse. If the retiree selects this option the total contribution by the City that may be used for the retiree and spouse can be no greater than the single-coverage premium for the L.A. (as provided by PERS) PERS Care plan. The City contribution is to be used for health insurance premiums only. There is no cash out option. This option may be selected or deselected at any time during retirement.
Spousal Option. If your sole designated beneficiary is your spouse, your spouse may:
Spousal Option. If your sole designated beneficiary is your spouse, your spouse may: (A) delay taking RMDs from the inherited IRA until December 31 of the year you would have reached your Required Beginning Date, and (B) treat your IRA as his or her own, irrespective of whether you died prior to or after your Required Beginning Date.