Common use of OPTIONAL FORMS OF PENSION Clause in Contracts

OPTIONAL FORMS OF PENSION. An Employee may elect, with spousal consent, one of the following options with respect to the pension payable to him following his retirement. Any of these options may be elected only by a notice in writing on a form provided by the Pension Board, and, subject to Paragraph 8 of this Article V, to be made to such Board within the election period specified in Paragraph 8(a) of this Article V. Death of either the Employee or his designated beneficiary or designated contingent annuitant prior to the effective date of an optional form of pension shall nullify any such option previously elected. Death at any time of either the Employee, or his designated beneficiary, or designated contingent annuitant after the effective date of an optional form of pension, shall not nullify any such option previously elected. The monthly pension payable to an Employee who had elected an optional form of pension shall, during the term certain period pursuant to Paragraph 6 above, for a Normal Pension or a pension pursuant to Paragraph 13 of Article VII, for an Early Pension and for a Disability Pension be computed in accordance with the provisions of ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇▇ 2, or Paragraph 3 of this Article V, respectively. The provisions of (a) and (b) below notwithstanding, should the Employee's death occur within the term certain period pursuant to Paragraph 6 above, any monthly amount payable to the designated beneficiary or to the designated contingent annuitant, shall, during the remainder of said term certain period, be the same as that which would have been payable to the Employee had he in fact still been living; 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. The effective date of an optional form of pension shall be that date upon which the Five-Year Term Certain period commences as determined in accordance with Paragraph 6 of this Article V; on and after the effective date of an optional form of pension, the monthly amount of pension and the conditions with respect to its payment will be subject to the appropriate provisions of the options, which are as follows: