Common use of Election of Early Survivor Annuity Clause in Contracts

Election of Early Survivor Annuity. A Participant who is employed after attaining the Qualified Early Retirement Age will be given the opportunity to elect, during the election period, to have a survivor annuity payable on death. If the Participant elects the survivor annuity, payments under such annuity must not be less than the payments which would have been made to the Spouse under the Qualified Joint and Survivor Annuity if the Participant had retired on the day before his or her death. Any election under this provision will be in writing and may be changed by the Participant with the consent of his or her Spouse at any time. The election period begins on the later of (1) the ninetieth (90) day before the Participant attains the Qualified Early Retirement Age, or (2) the date on which participation begins, and ends on the date the Participant terminates employment. Notwithstanding the availability of the elections set forth above, in the event a Participant dies after attaining the Qualified Early Retirement Age while still employed by the Employer, but before reaching the Normal Retirement Date, the Participant's account balance as of the date of death shall be paid to the Participant's Spouse. If the Participant is not married, such benefit shall be paid to the Participant's designated Beneficiary or, if none, to the Participant's estate.