Common use of Commutation Clause in Contracts

Commutation. If the Beneficiary designated is the executor or administrator of the Participant or a corporation, association, partnership or trustee, any Retirement Annuity payments to which the beneficiary becomes entitled will be commuted and paid in one sum. If a Beneficiary dies after having become entitled to receive Retirement Annuity payments, any remainder of such payments will, unless otherwise provided by the Participant, be commuted and paid in one sum to the executor or administrator of the Beneficiary. A Participant may elect that any Retirement Annuity payments to which his/her Beneficiary becomes entitled will be commuted and paid in one sum; or, in the absence of such election and unless otherwise provided by the Participant, a Beneficiary who is entitled to receive the Retirement Annuity payments may elect that the remainder of such payments be commuted and paid in one sum. Any such commutation will be made at the rate of interest, compounded annually, used in computing the annuity purchase liability or the premium paid for the Retirement Annuity.

Commutation. If the Beneficiary designated is the executor or administrator of the Participant or a corporation, association, partnership or trustee, any Retirement Annuity payments to which the beneficiary Beneficiary becomes entitled will be commuted and paid in one sum. If a Beneficiary dies after having become entitled to receive Retirement Annuity payments, any remainder of such payments will, unless otherwise provided by the Participant, be commuted and paid in one sum to the executor or administrator of the Beneficiary. A Participant may elect that any Retirement Annuity payments to which his/her Beneficiary becomes entitled will be commuted and paid in one sum; or, in the absence of such election and unless otherwise provided by the Participant, a Beneficiary who is entitled to receive the Retirement Annuity payments may elect that the remainder of such payments be commuted and paid in one sum. Any such commutation will be made at the rate of interest, compounded annually, used in computing the annuity purchase liability or the premium paid for the Retirement Annuity.