Common use of Written Explanation Clause in Contracts

Written Explanation. The Administrator shall provide to each Participant, no less than 30 days and no more than 180 days, prior to the commencement of his benefit payments (to the extent permitted by Treasury Regulations or pronouncement of the Internal Revenue Service, the Company may permit the Participant to waive the 30-day limit), a written explanation of: (A) the terms and conditions of the Qualified Joint and Survivor Annuity, (B) the Participant’s right to make, and the effect of, an election under (1) above to waive the Qualified Joint and Survivor Annuity form of benefit, (C) the rights of the Participant’s spouse under (4) below, (D) the right to make, and the effect of, a revocation of an election under (1) above, and (E) the eligibility requirements, material features and relative values of any optional forms of benefit under the Plan.

Written Explanation. The Administrator shall provide to each Participant, no less than 30 days and no more than 180 90 days, prior to the commencement of his benefit payments (to the extent permitted by Treasury Regulations or pronouncement of the Internal Revenue Service, the Company may permit the Participant to waive the 30-day limit), a written explanation of: (A) the terms and conditions of the Qualified Joint and Survivor Annuity, (B) the Participant’s right to make, and the effect of, an election under (1) above to waive the Qualified Joint and Survivor Annuity form of benefit, (C) the rights of the Participant’s spouse under (4) below, (D) the right to make, and the effect of, a revocation of an election under (1) above, and (E) the eligibility requirements, material features and relative values of any optional forms of benefit under the Plan.