Optional Form of Benefit. In lieu of the lump sum Retirement Benefit provided in Section 1.18, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - Life Annuity - Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).
Optional Form of Benefit. An optional form of benefit is a distribution form with respect to an Employee's benefit that is available under the Plan or any other applicable plan qualified under Code section 401(a) and is identical with respect to all features relating to the distribution form, including the timing, commencement, the portion of the benefit to which such distribution features apply and the election rights with respect to such optional forms. To the extent there are any differences in such features, a plan provides separate optional forms of benefit. Differences in amounts of benefits, methods of calculation, or values of distribution forms do not result in optional forms of benefit for purposes of this rule. The following benefits are not optional forms of benefits: (1) ancillary life insurance protection; (2) accident or health insurance benefits; (3) social security supplements described in Code section 411(a)(9); (4) the availability of loans (other than the distribution of an employee's accrued benefit upon default under a loan); (5) the right to make Nondeductible Employee Contributions or elective deferrals described in Code section 402(g)(3); (6) the right to direct investments; (7) the right to a particular form of investment (e.g., investment in employer stock or securities or investment in certain types of securities, commercial paper, or other investment media); (8) the allocation dates for contributions, Forfeitures and earnings, the time for making contributions (but not the conditions for receiving an allocation of contributions or Forfeitures for a Plan Year after such conditions have been satisfied), and the Valuation Dates for Account Balances; (9) administrative procedures for distributing benefits, such as provisions relating to the particular dates on which notices are given and by which elections must be made; (10) rights that derive from administrative and operational provisions, such as mechanical procedures for allocating investment experience among Accounts in defined contribution plans; and (11) the availability of financial hardship withdrawals and the rules and procedures governing such withdrawals; and (12) any other as may be provided by law, regulation, or court order.
Optional Form of Benefit. Shall Participants be permitted to elect the optional form of installment payments as described in Section 10.3(b) of the Master Plan?
Optional Form of Benefit. In lieu of receiving the Monthly Retirement Benefits as an Annuity, the Employee may elect to receive benefits under this Agreement as a single sum payment ("Single Sum Settlement") in an amount that is actuarially equivalent to the Annuity payments that would have been received absent his election to receive a Single Sum Settlement. The actuarial equivalence of the Single Sum Settlement shall be determined using the Pension Benefit Guaranty Corporation (PBGC) Rate in effect for immediate annuities at the time the benefit payments are to commence.
Optional Form of Benefit. An optional form of benefit is any form of distribution to a Beneficiary set forth in subsection 7.4(a)(ii) above.
Optional Form of Benefit. Subject to the joint and survivor annuity rules of Article 6, a Participant may elect to receive payment of his or her benefit in one lump sum or in annual or more frequent installments over a period permissible under Section 5.2. above.
Optional Form of Benefit. A Participant who is entitled to a Retirement Income Benefit in accordance with Subsection (a) above, may elect to have his/her benefit payable in a 100 percent joint and survivor annuity which is the actuarial equivalent of the benefit described in Subsection (a) above. Such election must be in the form prescribed by the Committee and no later than 90 days after termination of employment.
Optional Form of Benefit. 41 7.4 Rules for Election of Optional Form of Benefit ...................... 43 7.5
Optional Form of Benefit. (a) In lieu of the normal form of benefit as determined under Section 7.2, the Participant may elect, subject to the rules of Section 7.4, one of the following optional forms of benefit; except, that, a Participant may not elect to receive the current disability benefit payable pursuant to Section 4.4 in any optional form of benefit:
(1) a single life annuity with equal monthly installments payable to the retired Participant for his lifetime; or
(2) a joint and survivor annuity with any individual designated beneficiary, payable in monthly installments to the Participant for his lifetime and with fifty-five percent (55%) of the amount of such monthly installment payable after the death of the Participant to the designated beneficiary of such Participant, if then living, for the life of such designated beneficiary; provided, however, that a Participant may only elect this form of benefit if he retires from service at or after his Normal Retirement Date. Notwithstanding the foregoing, the percentage payable to the Participant's beneficiary (unless the beneficiary is the Participant's Spouse) after the Participant's death may not exceed the applicable percentage from Table I in Schedule B.
(b) In addition to the normal form of benefit provided in Section 7.2(b) or the optional form of benefit provided in Section 7.3(a)(2), a Participant may elect, subject to the rules of Section 7.4, that (1) he and his Spouse, if he has elected the form of benefit provided in Section 7.2(b); or (2) he and his designated beneficiary, if he has elected the form of benefit provided in Section 7.3(a)(2), may receive an aggregate of 120 total monthly payments guaranteed. If the Participant and his Spouse or beneficiary, as applicable, die before receiving a combined total of 120 monthly payments, in whichever form of benefit has been elected, then beginning on the first day of the month in which the Spouse's or beneficiary's death, as applicable, occurs and continuing until the balance of the guaranteed payments have been made, payments in the amount payable to the Spouse or beneficiary, as applicable, shall be made to the individual elected by the Participant to receive the remainder of the guaranteed payment (hereinafter called the "Second Beneficiary"
