Automatic and Optional Payment Forms of Benefits Clause Samples

Automatic and Optional Payment Forms of Benefits. (a) A Member’s Retirement Allowance shall be paid to such Member for life as described in Article 1, Section (18). However, the retirement allowance of a married Member shall automatically be paid as a reduced benefit under Option B below, with 50% of their reduced benefit continuing to their surviving spouse after their death. Any Member may, by written notice received by the Retirement Board before retirement, elect to convert the automatic form of retirement allowance described above into a benefit of equivalent actuarial value, in accordance with one of the optional forms named below, but subject to all of the provisions of this Section (5). A married Member, however, may elect an option other than Option B with at least 50% continuing to their surviving spouse or Option C with at least 66 2/3% continuing to their surviving spouse only upon the written consent of their spouse witnessed by a notary public or a Fund representative.
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Related to Automatic and Optional Payment Forms of Benefits

  • Payment of Benefits All or part of the contract benefits may be paid under one or more of the following: - a variable payment plan; - a fixed payment plan; or - in cash. The provisions and rate for variable and fixed payment plans are described in Section 11. Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4. A Withdrawal Charge will be deducted from contract benefits before their payment under certain conditions described in Section 7.3.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Extension of Benefits Upon termination of insurance, whether due to termination of eligibility, or termination of the Contract, an extension of benefits shall be provided for a period of no less than 30 days for completion of a dental procedure that was started before Your coverage ended.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Schedule of Benefits The Schedule of Benefits lists your expected Out-of-Pocket costs for Benefits and Prescription Drugs covered under the Plan.