Common use of Normal and Optional Form of Pension Payments Clause in Contracts

Normal and Optional Form of Pension Payments. The normal form of pension payments is a pension payable for your lifetime, subject to a guarantee that at least 120 monthly payments will be made. In other words, if you should die before receiving 120 pension payments, your beneficiary will continue to receive the monthly pension payments for the balance of the 120 months. However, if you are married or party to a common-law relationship at the date of your retirement, Federal pension laws require that the pension be paid in a form which continues to your spouse after your death, for the rest of his/her life, in an amount not less than 60% of the pension you were receiving. Your initial pension will be reduced on an actuarial basis to reflect this requirement. Your spouse may waive his/her rights to this entitlement by completing a prescribed form, in which case you may receive the pension in the normal form.

Normal and Optional Form of Pension Payments. The normal form of pension payments is a pension payable for your lifetime, subject to a guarantee that at least 120 monthly payments will be made. In other words, if you should die before receiving 120 pension payments, your beneficiary will continue to receive received the monthly pension payments for the balance of the 120 months. However, if you are married or party to a common-law relationship at the date of your retirement, Federal pension laws require that the pension be paid in a form which continues to your spouse after your death, for the rest of his/her life, in an amount not less than 60% of the pension you were receiving. Your initial pension will be reduced on an actuarial basis to reflect this requirement. Your spouse may waive his/her rights to this entitlement by completing a prescribed form, in which case you may receive the pension in the normal form.

Normal and Optional Form of Pension Payments. The normal form of pension payments is a pension payable for your lifetime, subject to a guarantee that at least 120 monthly payments will be made. In other words, if you should die before receiving 120 pension payments, your beneficiary will continue to receive the monthly pension payments for the balance of the 120 months. However, if you are married or party to a common-law relationship at the date of your retirement, Federal pension laws require that the pension be paid in a form which continues to your spouse after your death, for the rest of his/her the employee’s life, in an amount not less than 60% of the pension you were receiving. Your initial pension will be reduced on an actuarial basis to reflect this requirement. Your spouse may waive his/her the employee’s rights to this entitlement by completing a prescribed form, in which case you may receive the pension in the normal form.