Common use of Nontransferable Annuity Clause in Contracts

Nontransferable Annuity. Anything contained herein to the contrary notwithstanding, if an annuity method of payment of a Participant’s Nonforfeitable Accrued Benefit is the method of payment selected as provided under the provisions of this Section 6.10, the Plan Administration Committee, in its sole discretion, may effectuate said annuity payment by purchasing a Nontransferable Annuity from an insurance company with the value of the Nonforfeitable Accrued Benefit of such Participant, provided that such Nontransferable Annuity satisfies the distribution requirements of Section 6.1.