Common use of Five-Year Term Certain Clause in Contracts

Five-Year Term Certain. The monthly pension payable for an Employee's life pursuant to Paragraph 1 or 2 of this Article V, pursuant to Paragraph 3 of this Article V to an Employee who has 30 or more years of credited service or pursuant to Paragraph 13 of Article VII to such retired former Employee shall be payable for a term certain period of five (5) years, ending with the month in which the fifth anniversary of the commencement of his monthly pension occurs. The monthly pension payable pursuant to Paragraph 3 of this Article V to a retired former Employee who had less than 30 years of credited service at his retirement shall be payable for a term certain period of five (5) years, ending with the month in which the fifth anniversary of his 55th birthday occurs, or in which the fifth anniversary of the commencement of his monthly pension occurs, whichever is later and the provisions of this Paragraph 6 shall not be applicable if such former Employee retired pursuant to Paragraph 3 of Article IV is not living on the first day of the month following his attainment of age 55. If the retired former Employee dies during applicable said five (5) year period, monthly pension payments remaining hereunder shall be made to the designated beneficiary; provided, however, that the amount of any such monthly pension payments payable with respect to a retired former Employee whose pension was payable pursuant to Paragraph 3 of this Article V shall be equal to that amount which would have been payable to such former retired Employee had he been or might have been eligible for any primary benefit unreduced by reason of age pursuant to any Social Security or comparable law of the United States of America. If both the retired former Employee and the designated beneficiary die during the applicable said five (5) year period, the present value of the remaining monthly payments that would be necessary to complete the five (5) year term certain period shall be paid to the estate of the last to die. For purposes of this Paragraph, the present value of the remaining monthly payments shall be determined as of the date of the payment using an interest rate in accordance with the provisions of Paragraph 16 of Article VII.