OPTIONAL FORMS OF BENEFIT. The following optional forms of benefit shall be available in addition to the optional forms of benefit available under Section 9.4 of the Plan:
OPTIONAL FORMS OF BENEFIT. In lieu of the form of benefit prescribed in Section 2.2.1 and Section 2.2.6, the Executive may elect to receive his benefit hereunder, as soon as practicable following the date of his termination of employment, in a cash lump sum, the amount of which shall equal the actuarial present value of, in the case of Section 2.2.1, his Normal Retirement Benefit and, in the case of Section 2.2.6, the reduced monthly benefit he would have received thereunder. In lieu of the lump sum form of benefit prescribed in Sections 2.2.2. and 2.2.3, the Executive may elect to receive his benefit hereunder as a monthly benefit starting on the first of the month after his employment terminates and ending with the payment for the month in which his death occurs or, if later, after the payment of 120 such payments. Any such payments made after the death of the Executive shall be made (i) to the Executive's designated beneficiary, if any or (ii) of there is no designated beneficiary or the designated beneficiary dies before a total of 120 payments have been made to the Executive and the designated beneficiary, to the Executive's estate. Any election to change to or from the lump sum form of benefit that is made by the Executive less than one year preceding the Executive's date of termination shall not be given effect; PROVIDED, HOWEVER, that the foregoing shall be inapplicable with respect to (i) any election made by the Executive within 30 days of the date of this Agreement and (ii) any election with respect to the Executive's benefit under Section 2.2.2 to the extent such election is made at least 90 days prior to a Change in Control or at any time prior to the Company entering into an agreement the consummation or shareholder approval of which would constitute a Change in Control.
OPTIONAL FORMS OF BENEFIT. Subject to the conditions and limitations in Paragraph 9 above, a Contract Owner may elect any annuity payment option set forth in the Annuity Options Section or Annuity Payments Section of the contract. The form of benefit may not be changed after the Benefit Commencement Date.
OPTIONAL FORMS OF BENEFIT. A Participant may elect, in accordance with Section 6.3, to receive the Participant’s benefits in one of the following optional forms:
(a) an Individual Life Annuity; or
(b) a 50% or 100% joint and survivor annuity, with the Participant’s Beneficiary as the survivor.
OPTIONAL FORMS OF BENEFIT. The optional forms of benefit provided by this Plan are not subject to Employer discretion and are made available to all Participants on a nondiscriminatory basis. The optional forms of benefit are described in Articles III and VII, as may be selected in the Adoption Agreement. If selected in Item B(13) of the Adoption Agreement, the Employer may attach to the Plan a list of the Section "411(d)(6) protected benefits" that must be preserved from a individually designed Plan or other prototype Plan which this Plan amends.
OPTIONAL FORMS OF BENEFIT. A Participant who is eligible for an Early or Normal Retirement Benefit may, with spousal consent and in accordance with Section 6.3, waive the normal form of benefit and elect one of the optional forms which shall be the Actuarial Equivalent of the normal form of benefit.
(a) an Individual Life Annuity, if the Participant is married;
(b) a 100% or 66-2/3% Joint and Survivor’s Annuity; or
(c) a joint and survivor’s annuity pursuant to which, upon the Participant’s death 50% of the amount paid to the Participant (reduced by 1% for each full year exceeding 10 by which the spouse is younger than the Participant) is paid to the Participant’s spouse until the earlier of (i) the spouse’s death; (ii) remarriage; or (iii) a total of 120 payments have been made to the Participant and spouse. No benefit shall be paid to the Participant’s spouse if the Participant and spouse were married less than 12 months at the time of the Participant’s death.
OPTIONAL FORMS OF BENEFIT. Except as otherwise provided in the applicable Supplement, a married Participant may elect, with spousal consent and in accordance with Section 6.3, to receive the Participant’s benefits in the form of an Individual Life Annuity.
OPTIONAL FORMS OF BENEFIT. The following optional forms of benefit distributions may be elected in lieu of the normal form of benefit distribution described in Section 9.01 of the Plan. The Participant may select in writing one of the permitted optional forms of benefit prior to his Benefit Commencement Date. A Participant may revoke a previous selection and make a new selection at any time prior to his Benefit Commencement Date. A Participant may not revoke the form of benefit after his Benefit Commencement Date. Furthermore, a Participant may not change his Beneficiary after his Benefit Commencement Date unless his form of benefit is a 10 Years Certain and Life Annuity. The optional forms of benefit permitted under the Plan are:
(a) A 10 Years Certain and Life Xxxxxxx, (payable for the life of the Participant, guaranteed for at least ten (10) years);
(b) A Full Contingent (100% Joint and Survivor) Annuity, (payable for the life of the Participant, and the same monthly amount payable for the life of the Beneficiary following the death of the Participant);
(c) A Three-quarters Contingent (75% Joint and Survivor) Annuity, (payable for the life of the Participant and three-quarters the monthly amount payable for the life of the Beneficiary following the death of the Participant);
(d) A Two-thirds Contingent (66 2/3% Joint and Survivor) Annuity, (payable for the life of the Participant, and two-thirds the monthly amount payable for the life of the Beneficiary following the death of the Participant);
(e) A One-half Contingent (50% Joint and Survivor) Annuity, (payable for the life of the Participant, and one-half the monthly amount payable for the life of the Beneficiary following the death of the Participant);
(f) A Pop Up Contingent Annuity, (if the Participant selects either a Full Contingent, Three-quarters Contingent, Two-thirds Contingent or One-half Contingent option form of the distribution as provided in this Section above, and the Beneficiary predeceases the Participant, the Participant’s monthly benefit will be increased to his Accrued Benefit under the Normal Form of Distribution (including any adjustments after his Benefit Commencement Date) for the remainder of this lifetime); or
(g) A Lump Sum Distribution, (payable in a lump sum if, at the time of the distribution, the present value of the Participant’s Non-forfeitable Accrued Benefit is less than or equal to ten thousand ($10,000) dollars).
OPTIONAL FORMS OF BENEFIT. The only optional forms of benefit under the Plan are the forms of benefit provided under Section 7.1(B).
OPTIONAL FORMS OF BENEFIT. In lieu of receiving the Retirement Benefit described in Section 2(a) above, the Executive may elect to receive the Actuarial Equivalent of the Retirement Benefit in any of the following forms: (i) a joint and fifty percent (50%) survivor annuity, (ii) a joint and fifty percent (50%) survivor annuity with a 15-year term certain for payment at the 100% rate, or (iii) a lump-sum distribution. Payment of the lump-sum distribution shall be made promptly after the Termination Date. Payments of other optional forms of benefit shall commence on the Termination Date. The election to receive any of these optional forms of benefit shall be made or changed by written notice from the Executive given either prior to the Effective Date or at least six months prior to the Termination Date. Any benefit shall be paid in cash unless the recipient consents in writing to payment in another form.
