Joint and Survivor Option Sample Clauses

Joint and Survivor Option. Employees who retire on a disability pension may elect a reduced joint and survivor pension.
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Joint and Survivor Option. Each member with a spouse on the date pension payments are to commence will receive a reduced pension payable for the member's lifetime. If the member is survived by his/her spouse, the spouse will receive the remainder, if any, of the 60 months guaranteed payments which have not been received by the member. The spouse will then receive a pension equal to 60% of the deceased member’s pension, until death.
Sample 1
Joint and Survivor Option. Percentage of Reduced Benefit to be Continued to Beneficiary Factor to Determine Benefit Payable to Participant Under Joint and Survivor Option 100% 83.00% plus (minus) .40% for each year that beneficiary is older (younger) than the Participant. Factor cannot exceed 91% 75% 86.00% plus (minus) .40% for each year that beneficiary is older (younger) than the Participant. Factor cannot exceed 93% 66.67% 88.00% plus (minus) .40% for each year that beneficiary is older (younger) than the Participant. Factor cannot exceed 94% 50% 90.00% plus (minus) .30% for each year that the beneficiary is older (younger) than the Participant. Factor cannot exceed 95%
Sample 1
Joint and Survivor Option. A Participant may elect to receive a reduced monthly Retirement Allowance payable during the Participant's life and continuing after his or her death at a 75% or 50% rate (according to the election of the Participant) to the Participant's surviving Beneficiary for the remainder of such Beneficiary's life. If the Participant's Beneficiary dies before the Participant's Benefit Commencement Date, the election of a joint and survivor option shall thereupon become void. If the Participant's Beneficiary dies after the Participant's Benefit Commencement Date, but before the date of the Participant's death, the Retirement Allowance payable to the Participant following the Beneficiary's death shall be increased prospectively (following the date of death) to the amount the Participant would have received if the Participant had elected a life annuity instead of the Joint and Survivor Option. The application of this provision shall not result in a further actuarial reduction in the Participant's Retirement Allowance.
Sample 1
Joint and Survivor Option. If an eligible employee shall previously have made application in accordance with Section 2 of this Article VII there shall be payable, after he shall have retired, in lieu of the Retirement Pension that would otherwise be payable to him under this Pension Plan, payments in accordance with the following option as of the date that he commences to receive Retirement Pension benefits: Option 1. Monthly installments of his Retirement Pension shall be in a reduced amount that is Actuarially Equivalent to the pension that would otherwise be payable to him under this Pension Plan, and after his death monthly payments at a rate equal to 60% of such reduced amount shall be made to his Spouse (if surviving).
Sample 1
Joint and Survivor Option. Notwithstanding any of the provisions of the Pension Agreement an Employee who has a spouse as in Article of this Agreement shall elect a pension payable in accordance with the provisions of this Section of this Article An Employee who shall have attained age and is accumulating service and has, a spouse (as defined in Article I of this Agreement), must elect thereafter and prior to the Employee's retirement, elect that the Employee's pension is payable as follows: provided the Employee's Joint and Survivor Option election is in effect at his Normal Early Retirement, the basic monthly pension amount determined pursuant to Article Section Section (1) shall be converted into a reduced pension of equal actuarial value as determined by the Company and shall be payable each month thereafter during the Employee's lifetime. Commencing with the month following the month of death of the Retiree, a survivor's pension to sixty (60) percent of such actuarially reduced basic monthly pension be payable to the said spouse, provided such spouse is then living and each month thereafter, during the lifetime of such spouse. An Employee's Joint and Option election under above shall be made by application in writing on a supplied by the Company and submitted to the Company with proof of age. Such election may be revoked prior to retirement. In addition, the death of said spouse or dissolution of their prior to the date on which the first pension payment is due to the Employee shall also nullify the Joint Survivor Option election. An Employee's Joint and Survivor Option election shall be upon submissions of the application; provided, however, that no Joint Survivor Option election may become effective the Employee's Retirement date. In order to waive the Survivor Option, the spouse as defined in Article I must sign a waiver.
Sample 1
Joint and Survivor Option. Under this option, the Participant is paid a reduced monthly benefit for life and then, if the Participant’s spouse is still alive, a benefit equal to 50% of the Participant’s monthly benefit is paid to the spouse for the remainder of his or her life. If the spouse is not still alive when the Participant dies, no further payments are made.
Sample 1
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Related to Joint and Survivor Option

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree. 2. A surviving eligible retiree who qualifies for a monthly retirement allowance who was married to a retiree who was also eligible for a Grant shall receive the survivor benefit described in D.1., above, or his or her own Grant, whichever is greater. Such retiree shall not be eligible for both Grants.

  • SURVIVOR'S OPTION x Yes o No PROSPECT CAPITAL CORPORATION, a Maryland corporation (herein called the "Company," which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the Principal Amount stated above on the Maturity Date shown above, and to pay interest on each payment date and at maturity as follows: • in the case of a Security that provides for monthly interest payments, the Interest Payment Dates shall be the fifteenth day of each calendar month (or, if not a Business Day, the next succeeding Business Day), commencing the first succeeding calendar month following the month in which the Security is issued; • in the case of a Security that provides for quarterly interest payments, the Interest Payment Dates shall be the fifteenth day of every third month (or, if not a Business Day, the next succeeding Business Day), commencing in the third succeeding calendar month following the month in which the Security is issued; • in the case of a Security that provides for semi-annual interest payments, the Interest Payment Dates shall be the fifteenth day of each sixth month (or, if not a Business Day, the next succeeding Business Day), commencing in the sixth succeeding calendar month following the month in which the Security is issued; and • in the case of a Security that provides for annual interest payments, the Interest Payment Date shall be the fifteenth day of every twelfth month (or, if not a Business Day, the next succeeding Business Day), commencing in the twelfth succeeding calendar month following the month in which the Security is issued. The first payment of interest on any Security originally issued between a Record Date and an Interest Payment Date will be made on the Interest Payment Date following the next succeeding Record Date to the registered owner of such Security on such next succeeding Record Date. Unless the applicable pricing supplement states otherwise, interest on the Securities will be computed on the basis of a 360-day year of twelve 30-day months. Interest payments on this Security will include interest accrued from and including the last date in respect of which interest has been paid or duly provided for (or from and including the Original Issue Date if no interest has been paid or provided for) to but excluding the Interest Payment Date or the Maturity Date, as the case may be. If the Interest Payment Date or the Maturity for any Security falls on a day that is not a Business Day, the payment of principal and interest may be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from such Interest Payment Date or Maturity, as the case may be. The interest payable on any Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on the Record Date, which shall be the close of business on the first day of the calendar month in which such Interest Payment Date occurs, whether or not such date shall be a Business Day, and the interest payable at maturity will be payable to the person to whom the principal hereof shall be payable. Payments of such principal and interest shall be made in United States dollars at the office or agency of the Company in New York, New York, subject to the right of the Company to vary or terminate the appointment of such agency, shall initially be at the principal office of U.S. Bank National Association, 000 Xxxx Xxxxxx - Xxxxx 0000, Xxx Xxxx, XX 00000 (the "Corporate Trust Office"); provided, that payment of interest may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the Depositary is the registered owner of this Security, payments of principal and interest will be made in immediately available funds through the Depositary's Same-Day Funds Settlement System. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof.

  • ANNUITY OPTIONS The following Annuity Options are available under this Contract. Additional options may become available in the future:

  • NO RIGHT OF SURVIVORSHIP NON-TRANSFERABILITY You acknowledge, understand and agree that your account is non-transferable and any rights to your ID and/or contents within your account shall terminate upon your death. Upon receipt of a copy of a death certificate, your account may be terminated and all contents therein permanently deleted.

  • Survivors Benefits Benefits for the surviving family members of individuals who have died from COVID–19, including cash assistance to widows, widowers, or dependents of individuals who died of COVID–19.

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • Rights of Survivorship If your account is a joint account, the account is owned as a joint account with rights of survivorship. Upon the death of one of the joint account owners, that person’s interest will become the property of the surviving joint account owners.

  • Coverage Options Eligible employees may select coverage under any one of the dental plans offered by the Employer, including health maintenance organization plans, the State Dental Plan, or other dental plans. Coverage offered through health maintenance organization plans is subject to change during the life of this Agreement upon action of the health maintenance organization and approval of the Employer after consultation with the Joint Labor/Management Committee on Health Plans. However, actuarial reductions in the level of HMO coverages effective during the term of this Agreement, including increases in copayments, require approval of the Joint Labor/Management Committee on Health Plans. Coverage offered through the State Dental Plan is determined by Section 7A2.

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