Common use of Optional Modes of Settlement Clause in Contracts

Optional Modes of Settlement. Any Participant may elect that the whole or any part of any amount that would otherwise be payable to the Participant's beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the Equitable's rules in effect at the time of election. The beneficiary may make such an election after the Participant's death if no such election made by the participant is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Participant at any time before a payment is made thereunder. Any election, designation, revocation, or change shall be by written notice filed with the Equitable at its Home Office.

Optional Modes of Settlement. Any Participant may elect that the whole all or any part of any amount that would otherwise be payable to the Participant's beneficiary in a single sum be paid to such beneficiary under an optional mode of settlement, subject to the Equitable's rules in effect at the time of the election. The beneficiary may make such an election after the Participant's death if no such election made by the participant Participant is then in effect. Any payee under an optional mode of settlement elected pursuant to this Section may designate (with the right to revoke or to change such designation) a beneficiary to receive any amount that, in the absence of such designation, would be payable to such payee's executors or administrators. Any election of an optional mode of settlement may be revoked or changed by the Participant at any time before a payment is made thereunder. Any election, designation, revocation, or change shall be by effective as of the date written notice thereof is filed with Equitable the Equitable at its Home Officeaddress shown on page 3 of the certificate to be issued to the Participant pursuant to Section 5.09.