Common use of Five (5) Year Certain and Life Annuity Clause in Contracts

Five (5) Year Certain and Life Annuity. An employee may elect that the retirement benefit, payable on the retirement date, be reduced with the guarantee that not less than sixty (60) monthly payments will be made either to the employee or the named surviving beneficiary. If any of the above options are elected, the provisions for minimum annual retirement benefit shall only apply prior to any reductions under the above options.

Five (5) Year Certain and Life Annuity. An employee may elect that the retirement benefit, payable on the retirement date, be reduced with the guarantee that not less than sixty (60) monthly payments will be made either to the employee or the named surviving beneficiary. If any of the above options are elected, the provisions for a minimum annual retirement benefit shall only apply prior to any reductions under the above options.