OPTIONAL FORMS OF PENSION. 7.01 The normal form of pension under the plan is payable monthly for the entire lifetime of the retired member with payments commencing on the first day of the month coincident with or immediately following the Member's retirement date and with payments ceasing with the payment immediately preceding the Member's death regardless of the number of payments he/she has received.
7.02 However, in lieu of the above, a member may elect by notice in writing to the Company at any time prior to the commencement of pension payments, one of the following optional forms of pension
(a) LIFE - GUARANTEED FIVE (5)
OPTIONAL FORMS OF PENSION. A member who does not have a spouse or who is living separate and apart from his or her spouse on the date of his retirement or a member who has a spouse on the date of his retirement but who waived, jointly with his spouse, the automatic form of pension described in paragraph b) above, may elect to receive his pension under one of the following optional forms of pension:
i) a life pension without any guaranteed period;
ii) a life pension with a guaranteed period of 10 or 15 years; 100% to his designated joint annuitant;
OPTIONAL FORMS OF PENSION. 7.01 The normal form of pension under the plan is payable monthly for the entire lifetime of the retired member with payments commencing on the first day of the month coincident with or immediately
7.02 However, in lieu of the above, a member may elect by notice in writing to the Company at any time prior to the commencement of pension payments, one of the following optional forms of pension which shall be the Actuarial Equivalent of the normal form of pension under the Plan, provided that no election will be permitted which would result in a guaranteed period exceeding the lesser of fifteen (15) years, or the period from the date of retirement of the Member to the day before the date on which his eighty-sixth (86th) birthday would occur. An election to receive an optional form of retirement benefit may be cancelled or changed, provided notification of such cancellation or change complies with the requirements for an election, as expressed above.
(a) LIFE - GUARANTEED FIVE (5)
OPTIONAL FORMS OF PENSION. An Employee may elect, with spousal consent, one of the following options with respect to the pension payable to him following his retirement. Any of these options may be elected only by a notice in writing on a form provided by the Pension Board, and, subject to Paragraph 8 of this Article V, to be made to such Board within the election period specified in Paragraph 8(a) of this Article V. Death of either the Employee or his designated beneficiary or designated contingent annuitant prior to the effective date of an optional form of pension shall nullify any such option previously elected. Death at any time of either the Employee, or his designated beneficiary, or designated contingent annuitant after the effective date of an optional form of pension, shall not nullify any such option previously elected. The monthly pension payable to an Employee who had elected an optional form of pension shall, during the term certain period pursuant to Paragraph 6 above, for a Normal Pension or a pension pursuant to Paragraph 13 of Article VII, for an Early Pension and for a Disability Pension be computed in accordance with the provisions of Xxxxxxxxx 0, Xxxxxxxxx 2, or Paragraph 3 of this Article V, respectively. The provisions of (a) and (b) below notwithstanding, should the Employee's death occur within the term certain period pursuant to Paragraph 6 above, any monthly amount payable to the designated beneficiary or to the designated contingent annuitant, shall, during the remainder of said term certain period, be the same as that which would have been payable to the Employee had he in fact still been living; provided, however, that the amount of any such monthly pension payments payable with respect to a retired former Employee whose pension was payable pursuant to Paragraph 3 of this Article V shall be equal to that amount which would have been payable to such former retired Employee had he been or might have been eligible for any primary benefit unreduced by reason of age pursuant to any Social Security or comparable law of the United States of America. The effective date of an optional form of pension shall be that date upon which the Five-Year Term Certain period commences as determined in accordance with Paragraph 6 of this Article V; on and after the effective date of an optional form of pension, the monthly amount of pension and the conditions with respect to its payment will be subject to the appropriate provisions of the options, which are as follows:
OPTIONAL FORMS OF PENSION. Subject to Sections 8.01 and 8.02 above a Member shall elect, by written notice received by the administrator not less than 60 days prior to retirement, one of the forms of pension benefits set forth below. Such election may be amended or canceled by written notice to the University prior to the Member's retirement date while the Member is a participant in the Plan. The Member may elect to have the pension paid in any one of the following forms, with the amount of the monthly payment to be adjusted to the Actuarial Equivalent of the Member's normal retirement benefit, yet retaining the annual adjustment in amount of benefit provided from the Member's Money Purchase Component Account to reflect the rate of Fund Interest for the preceding four years, as determined by the Actuary, and the annual adjustment in the amount of minimum guaranteed benefit to reflect changes in the cost of living as provided under Sections 7.01(b), 7.02(b) or 7.03(b) hereof, as appropriate:
OPTIONAL FORMS OF PENSION. (1) In lieu of the Normal Form of pension, a Member may elect, by completing the Approved Form prior to their date of pension commencement, an optional form of pension. A Member may change or revoke any such election any time prior to their date of pension commencement. If a Member does not elect an optional form of pension, the Member's pension must be paid in the Normal Form.
(2) In lieu of the Normal Form of pension, a Member may elect to receive, subject to Subsection 10.1(4), one of the optional forms of pension described below.
(a) Lifetime Annuity - 5, 10 or 15 Years Certain: A Lifetime Annuity 5, 10 or 15 Years Certain is a monthly payment payable for the life of a Pensioner. If the Pensioner dies before receiving 60, 120 or 180 monthly payments, the balance of the payments are payable to the Pensioner's Post Retirement Beneficiary.
OPTIONAL FORMS OF PENSION. Joint Annuity Option
OPTIONAL FORMS OF PENSION. A member who does not have a spouse or who is living separate and apart from his or her spouse on the date of his retirement or a member who has a spouse on the date of his retirement but who waived, jointly with his spouse, the automatic form of pension described in paragraph b) above, may elect to receive his pension under one of the following optional forms of pension:
i) a life pension without any guaranteed period;
ii) a life pension with a guaranteed period of 10 or 15 years;
iii) a life pension continuing at the rate of 50%, 66⅔%, 75% or 100% to his designated joint annuitant;
iv) a life pension integrated with the Old Age Security pension. The amount of the pension payable to a member who elects one of the optional forms of pension described above shall be adjusted to represent the actuarial equivalent value of the pension payable under the normal form. The election of an optional form of pension must be in writing on the form prescribed by the Company and must be filed with the Company prior to the normal retirement date or prior to the date on which the pension payments are due to commence, if earlier.
OPTIONAL FORMS OF PENSION. 7.01 The normal form of pension under the plan is payable monthly for the entire lifetime of the retired member with payments commencing on the first day of the month coincident with or immediately following the Member's retirement date and with payments ceasing with the payment immediately preceding the Member's death regardless of the number of payments he/she has received.
7.02 However, in lieu of the above, a member may elect by notice in writing to the Company at any time prior to the commencement of pension payments, one of the following optional forms of pension which shall be the Actuarial Equivalent of the normal form of pension under the Plan, provided that no election will be permitted which would result in a guaranteed period exceeding the lesser of fifteen (15) years, or the period from the date of retirement of the Member to the day before the date on which his
OPTIONAL FORMS OF PENSION. 7.01 The normal form of pension under the plan is payable monthly for the entire lifetime of the retired member with payments commencing on the first day of the month coincident with or immediately following the Member's retirement date and with payments ceasing with the payment immediately preceding the Member's death regardless of the number of payments he/she has received.
7.02 However, in lieu of the above, a member may elect by notice in writing to the Company at any time prior to the commencement of pension payments, one of the following optional forms of pension which shall be the Actuarial Equivalent of the normal form of pension under the Plan, provided that no election will be permitted which would result in a guaranteed period exceeding the lesser of fifteen (15) years, or the period from the date of retirement of the Member to the day before the date on which his eighty-sixth (86th) birthday would occur. An election to receive an optional form of retirement benefit may be cancelled or changed, provided notification of such cancellation or change complies with the requirements for an election, as expressed above.
(a) LIFE - GUARANTEED FIVE (5)
