Common use of Automatic Joint and Survivor Annuity Clause in Contracts

Automatic Joint and Survivor Annuity. If benefits in the form of a life annuity become payable to a married Participant who: (A) begins to receive payments under the Plan on or after Normal Retirement Age; or (B) dies on or after Normal Retirement Age while still working for the Employer; or (C) begins to receive payments on or after the Qualified Early Retirement Age; or (D) separates from Service on or after attaining Normal Retirement Age (or the Qualified Early Retirement Age) and after satisfying the eligibility requirements for the payment of benefits under the Plan and therefore dies before beginning to receive such benefits; then such benefits will be received under this Plan in the form of a Qualified Joint and Survivor Annuity, unless the Participant has elected otherwise during the Election Period. The Election Period must begin at least 6 months before the Participant attains Qualified Early Retirement Age and end not more than 90 days before the commencement of benefits. Any election hereunder will be in writing and may be changed by the Participant at any time.

Automatic Joint and Survivor Annuity. If benefits in the form of a life annuity become payable to a married Participant who: (Ai) begins to receive payments under the Plan on or after Normal Retirement Age; or (Bii) dies on or after Normal Retirement Age while still working for the Employer; or (Ciii) begins to receive payments on or after the Qualified Early Retirement Agequalified early retirement age; or (Div) separates from Service service on or after attaining Normal Retirement Age (or the Qualified Early Retirement Age) and after satisfying the eligibility requirements for the payment of benefits under the Plan and therefore thereafter dies before beginning to receive such benefits; , then such benefits will be received under this Plan in the form of a Qualified Joint and Survivor Annuity, unless the Participant has elected otherwise during the Election Periodelection period. The Election Period election period must begin at least 6 months before the Participant attains Qualified Early Retirement Age and end not more than 90 days before the commencement of benefits. Any election hereunder will be in writing and may be changed by the Participant at any time.