Common use of OPTIONAL FORMS OF PENSION Clause in Contracts

OPTIONAL FORMS OF PENSION. 7.01 The normal form of pension under the plan is payable monthly for the entire lifetime of the retired member with payments commencing on the first day of the month coincident with or immediately 7.02 However, in lieu of the above, a member may elect by notice in writing to the Company at any time prior to the commencement of pension payments, one of the following optional forms of pension which shall be the Actuarial Equivalent of the normal form of pension under the Plan, provided that no election will be permitted which would result in a guaranteed period exceeding the lesser of fifteen (15) years, or the period from the date of retirement of the Member to the day before the date on which his eighty-sixth (86th) birthday would occur. An election to receive an optional form of retirement benefit may be cancelled or changed, provided notification of such cancellation or change complies with the requirements for an election, as expressed above. (a) LIFE - GUARANTEED FIVE (5)