Common use of Alternative Forms of Payment Clause in Contracts

Alternative Forms of Payment. Executive may elect to receive his Normal Retirement Benefit payable under this Agreement payable in a Form other than a Life Annuity (as provided above in Section 2.1(a) above), provided he elects to do so either on his initial Election Form or a Change of Election Form. Any Change of Election Form must be in accordance with IRC 409A and such Change of Election Form must be received by the Plan Administrator at least 12 months prior to the date payment of benefits are to other commence under this Agreement. Accordingly, a Participant may elect, in lieu of a Life Annuity, to receive his Normal Retirement Benefit in one of the following Alternative Forms of Payment: (i) Life Annuity with either a 120 or 180 guaranteed monthly payments; (ii) Joint and 50% (or 100%) Survivor Annuity. Any Alternative Form of Payment provide herein shall be the Actuarial Equivalent of the Normal Form (Life Annuity) of payment. If the Executive’s Separation from Service thereafter is a Termination for Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

Alternative Forms of Payment. Executive may elect to receive his her Normal Retirement Benefit payable under this Agreement payable in a Form other than a Life Annuity (as provided above in Section 2.1(a) above), provided he elects to do so either on his her initial Election Form or a Change of Election Form. Any Change of Election Form must be in accordance with IRC 409A and such Change of Election Form must be received by the Plan Administrator at least 12 months prior to the date payment of benefits are to other commence under this Agreement. Accordingly, a Participant may elect, in lieu of a Life Annuity, to receive his her Normal Retirement Benefit in one of the following Alternative Forms of Payment: (i) Life Annuity with either a 120 or 180 guaranteed monthly payments; (ii) Joint and 50% (or 100%) Survivor Annuity. Any Alternative Form of Payment provide herein shall be the Actuarial Equivalent of the Normal Form (Life Annuity) of payment. If the Executive’s Separation from Service thereafter is a Termination for Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.