Common use of Term Certain Clause in Contracts

Term Certain. A retirement allowance of lesser amount, payable to the Member for his life and in the event of his death within a period of 5, 10 or 15 years after his retirement (whichever period shall be specified by the Member in his election, and provided that such period shall not exceed the maximum period permitted under applicable Treasury regulations issued under section 401(a)(9) of the Internal Revenue Code), the same lesser amount shall be payable for the remainder of such period to a survivor designated by him. If the last designated beneficiary under this option is not alive at the time of the Member's death, the balance of the payments for the specified term, if any, commuted to a lump sum on the basis of an interest rate of 3% per annum, compounded annually, is paid to the Member's estate; if the last designated beneficiary survives the Member but dies before receiving the entire balance of the payments, the part of the balance still unpaid commuted to a lump sum on the basis of an interest rate of 3% per annum, compounded annually, shall be paid to such beneficiary's estate.

Term Certain. A retirement allowance of lesser amount, payable to the Member for his their life and in the event of his their death within a period of 5, 10 or 15 years after his their retirement (whichever period shall be specified by the Member in his their election, and provided that such period shall not exceed the maximum period permitted under applicable Treasury regulations issued under section 401(a)(9) of the Internal Revenue Code), the same lesser amount shall be payable for the remainder of such period to a survivor designated by himsuch Member. If the last designated beneficiary under this option is not alive at the time of the Member's ’s death, the balance of the payments for the specified term, if any, commuted to a lump sum on the basis of an interest rate of 3% per annum, compounded annually, is paid to the Member's ’s estate; if the last designated beneficiary survives the Member but dies before receiving the entire balance of the payments, the part of the balance still unpaid commuted to a lump sum on the basis of an interest rate of 3% per annum, compounded annually, shall be paid to such beneficiary's ’s estate.