Common use of Limitation on Amount Clause in Contracts

Limitation on Amount. Neither the total amount of additional survivor an- nuity or annuities under this section provided by any participant or former participant nor any combination of regular or additional survivor annu- ities for any one surviving spouse or former spouse of a principal may ex- ceed 55 percent of the principal’s full annuity counting any supplemental an- nuity or recomputation of annuity be- cause of recall service. An additional survivor annuity provided by any prin- cipal shall be further limited to the amount that can be provided by a monthly payment which is not greater than the principal’s net annuity de- scribed in § 19.6–2(b). The amount of any additional survivor annuity pro- vided by a spousal agreement effective prior to the principal’s retirement, shall be reduced as necessary by PER/ ER/RET after the principal’s retire- ment to comply with this limitation. Any amount paid by a participant for the portion of additional survivor an- nuity cancelled pursuant to this para- graph shall be treated as an additional lump sum payment under paragraph (e) of this section and used to increase the amount of the additional annuity. A participant who separates from the