Common use of Joint and Survivor Annuity Payments Clause in Contracts

Joint and Survivor Annuity Payments. If the employee is receiving payments in the form of a joint and survivor annuity, with the employee's spouse to receive a life annuity upon the employee's death equal to a percentage (e.g., 75%) of the amount being paid to the employee, the reduction of future annuity payments to reflect § 415(b) reduces the amount of benefits payable during the lives of both the employee and spouse, but any reduction to recoup Overpayments made to the employee does not reduce the amount of the spouse's survivor benefit. Thus, the spouse's benefit will be based on the previous specified percentage (e.g., 75%) of the maximum permitted under § 415(b), instead of the reduced annual periodic amount payable to the employee.

Joint and Survivor Annuity Payments. If the employee is receiving payments in the form of a joint and survivor survi- vor annuity, with the employee's ’s spouse to receive a life annuity upon the employee's employ- ee’s death equal to a percentage (e.g., 75%% ) of the amount being paid to the employee, the reduction of future annuity payments to reflect § 415(b) reduces the amount of benefits payable during the lives of both the employee and spouse, but any reduction to recoup Overpayments Overpay- ments made to the employee does not reduce the amount of the spouse's survivor ’s survi- vor benefit. Thus, the spouse's ’s benefit will be based on the previous specified percentage (e.g., 75%% ) of the maximum permitted under § 415(b), instead of the reduced annual periodic amount payable to the employee.