Joint and 50% Survivor Annuity. With this option, your monthly benefit is smaller than the amount you would receive from a single life annuity but bigger than what you would receive under the Option 1. Your monthly benefit is reduced because your retirement must cover two lifetimes - yours and your beneficiary’s. After your death, your beneficiary will receive 50% of your monthly benefit amount for the remainder of their life.
Joint and 50% Survivor Annuity. A Joint and 50% Survivor Annuity, which is an annuity for the Executive’s life, with a survivor annuity for the life of his Spouse, if his Spouse survives him, which is 50 percent of the amount of the annuity payable during the joint lives of the Executive and the Spouse, in an amount which is the Equivalent Actuarial Value of a single annuity for the life of the Executive. Under such an annuity, the Executive shall receive monthly payments beginning on the first day of the month following his Separation from Service or Disability and ending with the month in which he dies, and his surviving Spouse shall receive monthly payments beginning on the first day of the month following his death and ending with the month in which such Spouse dies. The Company will provide the Executive with an estimate of the amount of Benefit payable under each of the forgoing Benefit payment forms and a copy of the calculation of each such amount at the time of his eligibility for a Benefit under Section 2.1 or 2.2 above. Appendix A to this Agreement includes examples of the calculation of the foregoing Benefit payment forms, for purposes of illustration only. The amount of Benefit payments will be determined according to the terms of the Agreement, without reference to Appendix A.
Joint and 50% Survivor Annuity. If the Executive is lawfully married at the time payment of the benefits hereunder commences, the Executive may elect to receive payment of benefits in the form of a joint and 50% survivor annuity. The joint and 50% survivor annuity shall provide, at the election of the Executive, monthly, quarterly or annual payments to the Executive during his life with the provision that after his death, 50% of the periodic benefit will continue during the life of, and will be paid to, the person who was the Executive’s spouse on the date payments hereunder began. The Executive’s benefit under this Section 3.02(b) will not be actuarially adjusted to reflect the value of the survivor coverage if the Executive’s spouse is no more than five years younger than the Executive. If the Executive’s spouse is more than five years younger than the Executive, the Executive’s benefit will be actuarially adjusted for such survivor coverage based on the projected incremental value of such coverage over the value of the survivor coverage under a joint and 50% survivor benefit if the Executive’s spouse were exactly five years younger than the Executive. The actuarial adjustment shall be based on the 1983 Group Annuity Mortality Table and an interest rate of 7.5%.
