Common use of Automatic and Optional Payment Forms of Benefits Clause in Contracts

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.

Automatic and Optional Payment Forms of Benefits. (a) A Member’s 's Retirement Allowance shall be paid to such Member him for life as described in Article 1, Section (1817). However, the retirement allowance of a married Member shall automatically be paid as a reduced benefit under Option B below, with 50% of their his reduced benefit continuing to their his surviving spouse after their his 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 (54). A married Member, however, may elect an option other than Option B with at least 50% continuing to their his surviving spouse or Option C with at least 66 2/3% continuing to their his surviving spouse only upon the written consent of their his spouse witnessed by a notary public or a Fund representative.