Benefits relative to Service Sample Clauses

Benefits relative to Service on or after January 1, 1987 (i) An immediate life annuity, or a deferred life annuity, either fixed or variable in accordance with Section7.01(a), with or without a guaranteed period (not exceeding 15 years). Such pension shall have an Actuarial Equivalent value to the lump sum payment described in option (ii) below. Such pension shall not commence after the later of one year after the Member's death or December 31st of the calendar year in which the Spouse attains age 71, or such later date as may be permitted under the Income Tax Act; or (ii) In a lump sum equal to the excess of (A) plus (B) over (C) as follows: (A) The balance in the Member's Money Purchase Component Account with Credited Interest to the date of death and subsequently to the date of payment. (B) The commuted value at the date of death of any supplementary pension accrued from January1,1987 to the date of death in accordance with Section7.01(b), and with Credited Interest subsequently to the date of payment. The calculation of such supplementary pension is to assume that the date of death is the date of retirement. (C) The balance in the Member's Money Purchase Component Account at December 31, 1986, with Credited Interest to the date of death and subsequently to the date of payment. If the Member does not have a Spouse at date of death, or where the Spouse has waived entitlement to the post-1986 portion of the death benefit in the manner prescribed under the Act, the Member's non-spouse beneficiary may only receive the lump payment described in (b)(ii).