Contingent Annuitant Option. Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him during his life time after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life after the death of the retired employee. Such election may be made by an employee at any time at least one (1) year prior to his retirement date or within one (1) year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his retirement date, the provision of Section VIII shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this Agreement will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
Appears in 3 contracts
Samples: Pension Agreement, Pension Agreement, Pension Agreement
Contingent Annuitant Option. Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him during his life time after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life after the death of the retired employee. Such election may be made by an employee at any time at least one (1) year prior to his retirement date or within one (1) year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his retirement date, the provision of Section VIII shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this Agreement will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
Appears in 1 contract
Samples: Pension Agreement
Contingent Annuitant Option. Instead (a) Effective April 1, 2004, in lieu of the normal retirement monthly basic benefit provided for hereunderotherwise payable, an employee who retires pursuant to the normal or early provisions of this Article II may elect to receive during the employee’s lifetime a reduced amount of monthly basic benefit in order to provide for a survivor benefit to be payable to a contingent annuitant who may be any person designated by the employee provided the employee’s election has become effective and the contingent annuitant is living at the employee’s death.
(a) The survivor benefit is payable during the further lifetime of such contingent annuitant; provided that the employee completes the election on a form approved by the Company and files it with the Company not more than one hundred eighty (180) days and not less than thirty (30) days prior to the Annuity Start Date. If married and the designated contingent annuitant is the employee’s spouse, the employee may elect a qualified optional survivor annuity equal to a 75% Contingent Annuitant Option utilizing the factors in the Rate Table set forth below in subsection (d). Spousal consent is required for the employee to waive the qualified joint and survivor annuity under Art. II, 5(f)(1)(i) above and elect this payment option. Within 180 days but not less than 30 days prior to the annuity starting date, each employee shall be provided a written explanation of: (i) the terms and conditions of the qualified joint and survivor annuity coverage; (ii) the right to make and the effect of an election to waive the qualified joint and survivor annuity coverage; (iii) the rights of the employee’s spouse; and (iv) the right to make and the effect of revocation of a previous selection to waive the qualified joint and survivor annuity coverage. If married, the written consent of the spouse that identifies the contingent annuitant, acknowledges the effect of the election, and that is witnessed by a notary public, on a form approved for this purpose by the Company and filed with the Company, will be required. The written consent of the spouse is limited to a benefit for the designated contingent annuitant only.
(b) The option providing for actuarially reduced retirement benefits payable to him during his life time after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his life after shall be revoked automatically upon the death of the retired employeeemployee or the designated contingent annuitant, or both, prior to the effective date of the election. Such election (c) Once the option has become effective it cannot be rescinded except for an employee who is not married at retirement and designates a contingent annuitant and subsequently marries. In such case the contingent annuitant option may be made by an employee at any time at least one (1) year prior to his retirement date or within one (1) year to his retirement date upon furnishing evidence rescinded with the submission of the employee's good health evidence, satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his retirement date revoke or modify such option except upon furnishing evidence Company, of the good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to in conjunction with the employee's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his retirement date’s election for surviving spouse benefits under Article II, the provision of Section VIII shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this Agreement will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death5.
Appears in 1 contract
Samples: Supplemental Agreement
Contingent Annuitant Option. Instead a. In lieu of the normal retirement benefit provided for hereunderNormal Form of Retirement Benefit described in Section 9.1 above, an employee a Participant may elect a contingent annuitant option providing Contingent Annuitant Option which provides for an actuarially reduced retirement benefits benefit payable to him the Pensioner during his life time after retirement his/her lifetime and for the continuance of such paymentsRetirement Benefit payments in either the same, sixty-six and two thirds percent (66 2/3%) or a part of them specified by the employee, fifty percent (50%) to a contingent annuitant for his life Contingent Annuitant, if living, after the death of Pensioner's death.
b. If the retired employee. Such election may be made by an employee at any time at least one (1) year prior to his retirement date or within one (1) year to his retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant Contingent Annuitant is the spouse of the employeePensioner or if the Contingent Annuitant is any other person not more than thirty (30) years younger than the Pensioner, the benefit payable under this option is payable without restriction. If, however, the Contingent Annuitant is a divorce granted to either person other than the spouse at any time prior of the Pensioner and is more than thirty (30) years younger than the Pensioner, the benefits otherwise payable under this option to the employeeContingent Annuitant shall be limited so that the value of the annuity payable to the Contingent Annuitant shall be less than fifty percent (50%) of the value of the Pensioner's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his total original benefit, both calculated as of the Pensioner's actual retirement date, .
c. The monthly payment to the provision of Section VIII Contingent Annuitant shall apply. If the employee dies after his retirement date, the contingent annuitant shall receive for life, commencing commence on the first day of the calendar month coinciding with or next following the retired employee's deathmonth in which the Pensioner dies, if the benefits specified by Contingent Annuitant is then living, and shall continue monthly with the retired employee last payment due for the contingent annuitant. month in which the Contingent Annuitant's death occurs.
d. If the contingent annuitant a Contingent Annuitant dies before the employee's Participant’s actual retirement date, the retirement benefit normally provided under this Agreement normal form of Retirement Benefit will be automatically become payable to the retired employee as if this option a Contingent Annuitant Option had not been elected. If the contingent annuitant dies Contingent Annuitant predeceases the Pensioner after retirement, the employeepension benefit will “Pop-up” to its original amount before reduction. This option shall be elected by the Participant by written notice to the Administrator at least sixty (60) days before the Employee's actual retirement date. Once a choice as to a form of Retirement Benefit or a retirement date is made and accepted by the Administrator, it cannot be rescinded by the amount Participant without the written consent of the payments which Administrator conditioned upon satisfactory evidence of the retired employee is then receiving or is good health of the Participant and any person entitled to receive will continue unchanged and will cease payments upon the retired employee's death of the Participant. Notwithstanding the aforesaid, the Administrator is under no obligation to approve said requested change. In no event shall the consent of any person entitled to receive payments upon the death of the Participant be required as a condition to the right of a Participant to revoke or change any option previously elected. Anything in this Plan to the contrary notwithstanding, the Participant shall not have the right prior to his/her retirement irrevocably to elect to have all or a part of his/her interest in this Plan, which would otherwise become available to him/her during his/her lifetime, paid only to his/her beneficiary after his/her death.
Appears in 1 contract
Samples: Collective Bargaining Agreement
Contingent Annuitant Option. Instead of the normal retirement benefit provided for hereunder, an employee may elect a contingent annuitant option providing for actuarially reduced retirement benefits payable to him the employee during his her life time after retirement and for the continuance of such payments, or a part of them specified by the employee, to a contingent annuitant for his her life after the death of the retired employee. Such election may be made by an employee at any time at least one (1) year prior to his her retirement date or within one (1) year to his her retirement date upon furnishing evidence of the employee's good health satisfactory to the Retirement Board. An employee who has elected this option may not at any time within one (1) year prior to his her retirement date revoke or modify such option except upon furnishing evidence of good health of the contingent annuitant satisfactory to the Retirement Board; provided, however, that the death of the contingent annuitant at any time prior to the employee's retirement date shall automatically revoke such election; and provided, further, that if the contingent annuitant is the spouse of the employee, a divorce granted to either spouse at any time prior to the employee's retirement date shall automatically revoke such election. If an employee who has elected this option dies before his her retirement date, the provision of Section VIII shall apply. If the employee dies after his her retirement date, the contingent annuitant shall receive for life, commencing on the first day of the calendar month coinciding with or next following the retired employee's death, the benefits specified by the retired employee for the contingent annuitant. If the contingent annuitant dies before the employee's retirement date, the retirement benefit normally provided under this Agreement will be payable to the retired employee as if this option had not been elected. If the contingent annuitant dies after the employee's retirement date, the amount of the payments which the retired employee is then receiving or is entitled to receive will continue unchanged and will cease upon the retired employee's death.
Appears in 1 contract
Samples: Pension Agreement