Form of Pension Sample Clauses
Form of Pension. The normal form of pension for a member without a spouse on the date of a retirement is a pension for that member’s lifetime, guaranteed for 10 years from the date it begins. The normal form of pension for a member with a qualifying spouse on the date of retirement is a 50% joint and survivor pension. This means that upon the death of a member, a 50% joint and survivor pension will be paid to an eligible spouse at no cost. The Pension Benefits Act requires that a 60% joint and survivor pension be provided. This, along with other optional forms of pension, will also be available for an actuarial cost under the UPP.
Form of Pension. For the purpose of defining the amount of the Supplemental Retirement Benefit in Section 2.1.2, the benefit is derived from a Single Life Annuity, the first payment of which is due on the first day of the calendar month which follows his Termination of Employment or, if later, the first day of the calendar month which follows the date he would attain age sixty(60) years. Notwithstanding the foregoing, this annuity shall be, in all cases, converted to and paid in the form of an Actuarial Equivalent single lump sum benefit on the first day of the calendar month following his Termination of Employment. Such payment shall be in full and complete discharge of all benefits payable to, or with respect to him under this Agreement including, but not limited to, all survivor benefits and all optional forms of benefit to which he or his spouse might otherwise have been entitled. The consent of a spouse, joint annuitant or beneficiary shall not be required before making the single lump sum payment herein described.
Form of Pension. For the purpose of defining the amount of the Supplemental Retirement Benefit in Section 2.1.1, the benefit is derived from a Single Life Annuity, the first payment of which is due on the first day of the calendar month which follows his Termination of Employment, or, if later, the first day of the calendar month which follows the date he would attain age sixty (60) years. Notwithstanding the foregoing, this annuity shall be, in all cases, converted to an Actuarial Equivalent single lump sum on the first day of the calendar month following his Termination of Employment (the "Lump Sum Amount"). The payments (minus all withholding and payroll taxes which must be deducted therefrom) shall be distributed from this Plan in the same manner as if it had been paid or commenced from the general assets of the Employer to the Participant. Such payment shall be in full and complete discharge of all benefits payable to, or with respect to the Participant under this Plan including, but not limited to, all survivor benefits and all optional forms of benefit to which the Participant or spouse might otherwise have been entitled. The consent of a spouse or other Beneficiary shall not be required before making the single lump sum payment or the annual installment payments herein described. Distribution of benefits accrued on or after April 1, 1996, shall be made in whichever of the following forms the Participant shall have designated in writing at the time required by the Employer (to the extent that such election is consistent with the rules of this Plan Statement). The Employer shall unilaterally designate the form of distribution of all benefits accrued prior to April 1, 1996.
Form of Pension