Common use of OPTIONAL FORMS OF PENSION Clause in Contracts

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. 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 pensiontime (a) LIFE - GUARANTEED FIVE (5)