Common use of Normal Form of Benefit Clause in Contracts

Normal Form of Benefit. If a member does not have a spouse at his or her retirement date, the member's monthly benefit will be payable for life, with the guarantee that if the member dies before 60 monthly payments are made, the remaining payments will be made to the member's beneficiary. If a member has a spouse at his or her retirement date, the Plan provides that upon the member's death, 60% of the monthly pension will continue to be paid to the spouse as long as the spouse is alive. The initial monthly pension will automatically be reduced 10% to provide this benefit unless prior to retirement the member and the member's spouse choose to opt out by submitting a Spouse Pension Waiver which requires the witnessed signature of the member's spouse. Should the member's spouse pre-decease the member, the monthly payments, beginning with the first one due after the spouse's death, will not be reduced by the 10% set out above.

Normal Form of Benefit. If a member does not have a spouse at his or her retirement date, the member's monthly benefit will be payable for life, with the guarantee that if the member dies before 60 monthly payments are made, the remaining payments will be made to the member's beneficiary. If a member has a spouse at his or her retirement date, the Plan provides that upon the member's death, 60% of the monthly pension will continue to be paid to the spouse as long as the spouse is alive. The initial monthly pension will automatically be reduced 10% to provide this benefit unless prior to retirement the member and the member's spouse choose to opt out by submitting a Spouse Pension Waiver which requires the witnessed signature of the member's spouse. Should the member's spouse pre-decease the member, the monthly payments, beginning with the first one due after the spouse's death, ; will not be reduced by the 10% set out above.