Contingent Annuity Option definition
Contingent Annuity Option means a reduced monthly benefit payable for the life of the Participant and, if the Participant is survived by his designated contingent annuitant, a monthly benefit equal to one hundred percent (100%), seventy-five percent (75%) or fifty percent (50%) of the monthly benefit payable during the Participant’s lifetime (as elected by the Participant) payable for the life of the contingent annuitant. A Participant whose Restoration Benefit is determined under Part III of the Plan may also elect a Contingent Annuity Option that provides a monthly benefit to the contingent annuitant equal to sixty-six and two-thirds percent (66-2/3%) of the monthly benefit payable during the Participant’s lifetime. The Contingent Annuity Option is the Actuarial Equivalent of the Single Life Annuity. The Participant may not change his designated contingent annuitant after payment begins.
Examples of Contingent Annuity Option in a sentence
Contingent Annuity Option provides for reduced payments over your lifetime.