OPTIONAL FORMS OF BENEFIT Sample Clauses

OPTIONAL FORMS OF BENEFIT. In lieu of the form of benefit prescribed in Section 2.2.1 and Section 2.2.6, the Executive may elect to receive his benefit hereunder, as soon as practicable following the date of his termination of employment, in a cash lump sum, the amount of which shall equal the actuarial present value of, in the case of Section 2.2.1, his Normal Retirement Benefit and, in the case of Section 2.2.6, the reduced monthly benefit he would have received thereunder. In lieu of the lump sum form of benefit prescribed in Sections 2.2.2. and 2.2.3, the Executive may elect to receive his benefit hereunder as a monthly benefit starting on the first of the month after his employment terminates and ending with the payment for the month in which his death occurs or, if later, after the payment of 120 such payments. Any such payments made after the death of the Executive shall be made (i) to the Executive's designated beneficiary, if any or (ii) of there is no designated beneficiary or the designated beneficiary dies before a total of 120 payments have been made to the Executive and the designated beneficiary, to the Executive's estate. Any election to change to or from the lump sum form of benefit that is made by the Executive less than one year preceding the Executive's date of termination shall not be given effect; PROVIDED, HOWEVER, that the foregoing shall be inapplicable with respect to (i) any election made by the Executive within 30 days of the date of this Agreement and (ii) any election with respect to the Executive's benefit under Section 2.2.2 to the extent such election is made at least 90 days prior to a Change in Control or at any time prior to the Company entering into an agreement the consummation or shareholder approval of which would constitute a Change in Control.

OPTIONAL FORMS OF BENEFIT. Subject to the conditions and limitations in Paragraph 9 above, a Contract Owner may elect any annuity payment option set forth in the Annuity Options Section or Annuity Payments Section of the contract. The form of benefit may not be changed after the Benefit Commencement Date.

OPTIONAL FORMS OF BENEFIT. The optional forms of benefit offered to the Member. Single Life Annuity with Minimum Net Present Value. Single life annuity with guaranteed total payment equal to the Actuarial Equivalence of straight life annuity determining as Benefit Commencement Date Single Life Annuity with Ten (10) Years of Certain Payments Payable for the life of the Member, with a minimum 120 monthly payments if the Member death occurs prior to 120 monthly payments being paid to the Member Single Life Annuity with Twenty (20) Years of Certain Payments Payable for the life of the Member, with a minimum 240 monthly payments if the Member death occurs prior to 240 monthly payments being paid to the Member Joint Life Annuity with 50% Survivor Annuitant Benefit Payable for both the life of the Member and the Survivor Annuitant, with the Survivor Annuitant receiving 50% of the monthly benefit that had been received by the Member Joint Life Annuity with 100% Survivor Annuitant Benefit Payable for both the life of the Member and the Survivor Annuitant, with the Survivor Annuitant receiving 100% of the monthly benefit that had been received by the Member Lump Sum Payment of Employee Contributions and Excess Interest Investment Account with a Normal or Optional Form of Annuity Benefit The Normal or Optional Form of Benefit will be actuarially reduced in an amount equal to the lump sum payment. Not Offered Offered at the Discretion of the Municipality An ad hoc, one-time adjustment elected by the Municipality and implemented with a Plan amendment or addendum specifying the COLA amount, the eligible payees and the beginning adjustment date. Offered upon allocation of Excess Interest under Section 15.10 X Proportionately by Monthly Retirement Benefit (equal percentage) -- In Equal Dollar Amounts per Eligible Payee Offered on a Continuing Basis and Applied Every ( ) Year(s) -- Fixed applied rate in the amount of percent ( %) -- Adjustable rate in an amount equal to the most recent calendar year annual change in the Consumer Price Index (“CPI COLA”)

OPTIONAL FORMS OF BENEFIT. A Participant may elect, in accordance with Section 6.3, to receive the Participant’s benefits in one of the following optional forms: (a) an Individual Life Annuity; or (b) a 50% or 100% joint and survivor annuity, with the Participant’s Beneficiary as the survivor.

OPTIONAL FORMS OF BENEFIT. The optional forms of benefit provided by this Plan are not subject to Employer discretion and are made available to all Participants on a nondiscriminatory basis. The optional forms of benefit are described in Articles III and VII, as may be selected in the Adoption Agreement. If selected in Item B(13) of the Adoption Agreement, the Employer may attach to the Plan a list of the Section "411(d)(6) protected benefits" that must be preserved from a individually designed Plan or other prototype Plan which this Plan amends.

OPTIONAL FORMS OF BENEFIT. A Participant who is eligible for an Early or Normal Retirement Benefit may, with spousal consent and in accordance with Section 6.3, waive the normal form of benefit and elect one of the optional forms which shall be the Actuarial Equivalent of the normal form of benefit. (a) an Individual Life Annuity, if the Participant is married; (b) a 100% or 66 - 2/3% Joint and Survivor’s Annuity; or (c) a joint and survivor’s annuity pursuant to which, upon the Participant’s death 50% of the amount paid to the Participant (reduced by 1% for each full year exceeding 10 by which the spouse is younger than the Participant) is paid to the Participant’s spouse until the earlier of (i) the spouse’s death; (ii) remarriage; or (iii) a total of 120 payments have been made to the Participant and spouse. No benefit shall be paid to the Participant’s spouse if the Participant and spouse were married less than 12 months at the time of the Participant’s death.

OPTIONAL FORMS OF BENEFIT. Except as otherwise provided in the applicable Supplement, a married Participant may elect, with spousal consent and in accordance with Section 6.3, to receive the Participant’s benefits in the form of an Individual Life Annuity.

OPTIONAL FORMS OF BENEFIT. Lump Sum Option 9 7.2 Payment Upon Financial Hardship 9

OPTIONAL FORMS OF BENEFIT. The only optional forms of benefit under the Plan are the forms of benefit provided under Section 7.1(B).