Eligible participants who retire, at the time Medicare Benefits begin, receive a MediGap Benefit of $150 per month until age 75, or may choose to receive a one-time monetary buy-out of $5,000, on the date of their retirement, in lieu of receiving the monthly benefit.
Plan Benefit means the benefit payable to a Participant as calculated in Article V.
Accrued Benefit have the meanings specified in ERISA.
Monthly Benefit means the monthly amount payable by Lincoln to you if you are Disabled or Partially Disabled.
Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.
Retirement Benefit means the benefit set forth in Article 5.