Common use of DROP Benefit Clause in Contracts

DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Employee would have been entitled if the Employee had actually terminated employment and retired on the DROP Date (less the annuity withdrawal reduction as set forth in Subsection F and/or actuarial reductions as a result of the Employee electing an Optional form of benefit under the Plan, if applicable). The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP Account. A DROP Participant may at the time of the DROP Election elect to receive his or her benefit in the form of the Plan’s Option I or Option II Benefit and nominate a named beneficiary in accordance with the General Retirement System provisions. The term “spouse” for purposes of benefit qualification of DROP Participants, shall mean: (1) the person to whom the Participant was legally married to on the Participant’s date of death if such death occurs during DROP Participation; or (2) the person to whom the retirant was legally married on both the effective date of termination of DROP Participation and the retirant’s date of death provided such death occurs after termination of DROP Participation. The definition of “spouse” herein may be amended pursuant to an Eligible Domestic Relations Order entered pursuant to Michigan Public Act 46 of 1991, as amended, (MCL§38.1701, et seq.).

DROP Benefit. The Participant’s DROP Benefit shall be the regular monthly retirement benefit to which the Employee would have been entitled if the Employee had actually terminated employment and retired on the DROP Date (less the annuity withdrawal reduction as set forth in Subsection F E and/or actuarial reductions as a result of the Employee electing an Optional form of benefit under the Plan, if applicable). The Participant’s DROP Benefit shall be credited monthly to the Participant’s individual DROP Account. A DROP Participant may at the time of the DROP Election elect to receive his or her benefit in the form of the Current Pension Plan’s Option I or Option II Benefit and nominate a named beneficiary in accordance with the General Police and Fire Retirement System provisions. The term “spouse” for purposes of benefit qualification of DROP Participants, shall mean: (1) the person to whom the Participant was legally married to on the Participant’s date of death if such death occurs during DROP Participation; or (2) the person to whom the retirant retiree was legally married on both the effective date of termination of DROP Participation and the retirantretiree’s date of death provided such death occurs after termination of DROP Participation. The definition of “spouse” herein may be amended pursuant to an Eligible Domestic Relations Order entered pursuant to Michigan Public Act 46 of 1991, as amended, amended (MCL§38.1701, MCL §38.1701 et seq.).