Common use of Applicable Election Period Clause in Contracts

Applicable Election Period. The applicable election period means - (a) in the case of an election to waive a Joint and Survivor Annuity, the ninety (90) day period ending on the annuity starting date; and (b) in the case of an election to waive a Preretirement Survivor Annuity, the period which begins on the first day of the Plan Year in which the Participant attains age thirty-five (35) and ends on the date of the Participant's death; provided that in the case of a Participant who is separated from service, such period shall not begin later than the date of such separation from service. A Participant who will not yet attain age 35 as of the end of any current Plan Year may make a special qualified election to waive the Preretirement Survivor Annuity for the period beginning on the date of such election and ending on the first day of the Plan Year in which the Participant will attain age 35. Such election shall not be valid unless the Participant receives a written explanation of the Preretirement Survivor Annuity in such terms as are comparable to the explanation required under subsection (4). Preretirement Survivor Annuity coverage will be automatically reinstated as of the first day of the Plan Year in which the Participant attains age 35. Any new waiver on or after such date shall be subject to the full requirements of this section.