Years Certain and Life Option Sample Clauses

Years Certain and Life Option. Such an election will provide for an actuarially reduced pension payable during his life and a continuation of such pension after the death of the former retired Employee to the designated beneficiary, provided, however, that only that portion of a monthly pension which is payable pursuant to Paragraph 3 of this Article V equal to that amount payable if the retired former Employee is or might be eligible for any primary benefit unreduced by reason of age pursuant to any Social Security or comparable law of the United States of America shall be actuarially reduced and payable to the designated beneficiary; and provided further that the period of payment beginning with and immediately following the month that the actuarially reduced pension became payable (prior to, during, and after the month of death of the retired former Employee), shall be limited to the elected 5, 10 or 15 year extended term certain period. If after the death of the second to die of the retired former Employee and his designated beneficiary, there then remain any monthly payments that would be necessary to complete the elected 5, 10 or 15 year extended term certain period, the present value of such remaining monthly payments will be paid to the estate of the last to die. For purposes of this Subparagraph (b), the present value of the remaining monthly payments shall be determined as of the date of the payment using an interest rate in accordance with the provisions of Paragraph 16 of Article
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Years Certain and Life Option. Subject to the provisions of Section 7.8, a Participant who elects this option will receive a reduced amount of retirement income during his lifetime, so that if his death occurs within the year certain period commencing upon his Retirement Date as specified in the election (5, 10, 15 or 20 years), retirement income in the same amount will be paid to the Beneficiary designated by the Participant for the balance of the years certain period specified by the Participant. If the option is in effect on the Participant's Retirement Date, the amount of retirement income payable to the Participant will be determined by multiplying the amount which would otherwise be payable to him, assuming the normal form described in Section 7.2 is effective, by the appropriate Adjustment Factor. If a Participant who has elected this option dies on or after his Normal Retirement Date, but before his Retirement Date, his designated Beneficiary will receive retirement income payments beginning on the first day of the month next following the Participant's death and continuing until ================================================================================ 187 40 XXXXXX FEDERAL SAVINGS BANK
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Related to Years Certain and Life Option

  • Death Prior to Commencement of Benefit Payments In the event the Participant should die while actively employed by the Plan Sponsor at any time after the date of this Plan but prior to his Normal Retirement Age, the Plan Sponsor will pay the Accrued Benefit in fifteen (15) equal annual installments to the Participant's Beneficiary. The payments shall commence to be paid on the first day of the second month following the month in which the Participant dies.

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • Period of Option and Limitations on Right to Exercise The Option will, to the extent not previously exercised, lapse under the earliest of the following circumstances; provided, however, that the Committee may, prior to the lapse of the Option under the circumstances described in paragraph below, provide in writing that the Option will extend until a later date:

  • Term of Service Except as otherwise provided in this Agreement, Atlas shall serve as the Managing General Partner of the Partnership until either it:

  • Multiple Options In the event that Lessee has any multiple Options to extend or renew this Lease, a later Option cannot be exercised unless the prior Options have been validly exercised.

  • Exercisability Schedule No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of Option Shares on the dates indicated so long as the Optionee remains an employee of the Company or a Subsidiary on such dates: Incremental Number of Option Shares Exercisable* Exercisability Date _____________ (___%) ____________ _____________ (___%) ____________ _____________ (___%) ____________ _____________ (___%) ____________ _____________ (___%) ____________ * Max. of $100,000 per yr. Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

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