AUTOMATIC FOR OF PENSION Clause Samples

AUTOMATIC FOR OF PENSION. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pen- sion benefit shall continue to the spouse after the death of the employee at the rate of of the pension which in payment to the employee imme- diately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employ- ee shall be reduced such that the value of their pension benefit shall be actually equivalent to the normal form of pension. Any other form of pension herein may be elected if the employee and their spouse both waive the entitlement to this joint and form of pay- ment in the prescribed form or by means of a certified copy of a domes- tic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immedi- ately preceding the commencement of payments. Subject to Article an employee may elect an optional form of pension by notifying the Company in writing prior to their date of retire- ment of the optional type of pension they wishes to receive. The amount of pension payable to an employee under an optional form shall be reduced such that the value of their optionalpension benefit shall be actu- arially equivalent to the normal for of pension. Any election of an option- al type of pension may be revoked or altered to another optional typed if done in writing prior to the commencement of their pension. Any option elected becomes binding upon the commencement date of the pension. The optional forms of pension are as follows:
View SourceView Similar (2)
AUTOMATIC FOR OF PENSION. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of 605 of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actually equivalent to the normal form of pension. Any other form of pension herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments.
View Source

Related to AUTOMATIC FOR OF PENSION

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.