Common use of Deferred Payment Clause in Contracts

Deferred Payment. A member may continue in service after normal retirement date. If retirement is deferred, the member will be credited with pensionable service during the period of deferment. Payment of pension will be deferred until actual retirement. It will be payable in monthly installments during the lifetime of the member.

Deferred Payment. A member may m a y continue in service after normal retirement dateNormal Retirement Date. If retirement is deferred, the member will be credited with pensionable service Pensionable Service during the period of deferment. Payment of pension will be deferred until actual retirement. It will be payable in monthly installments during the lifetime of the member.