Common use of PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT Clause in Contracts

PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. 3.1 Xxxxxxxxx’x accrued annual supplemental retirement benefit shall be paid in equal monthly installments commencing on the first day of the month following his termination of employment with the Employer for any reason other than his death. 3.2 If Xxxxxxxxx is married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be an actuarially reduced 100% joint and survivor annuity payable to Xxxxxxxxx during his lifetime and continuing thereafter during the lifetime of his Surviving Spouse. 3.3 If Xxxxxxxxx is not married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be a single life annuity payable to Xxxxxxxxx during his lifetime with payments terminating upon his death. 3.4 Xxxxxxxxx shall be entitled to elect an optional form of payment of his supplemental retirement benefit, and to change any such election, upon written notice filed with the Employer at any time up to six months preceding his termination of employment, or in the event of a separation or divorce from his spouse or the death of his spouse at any time up to the date of his termination of employment. Any new election or change of election which is made after the date provided herein shall have no force or effect. No change in the form of payment will be permitted for any reason after commencement of supplemental retirement benefit payments. The optional forms of payment which Xxxxxxxxx may elect within the times specified above are a lump sum payment to be paid on the first day of the month following his termination of employment, a single life annuity payable during his lifetime with no payments to his Surviving Spouse after his death, and any other optional form of payment which the Employer may permit in its discretion. 3.5 There shall be an actuarial reduction in Xxxxxxxxx’x supplemental retirement benefit in the event that he terminates employment with the Employer prior to his Normal Retirement Date and an actuarial increase in his supplemental retirement benefit in the event that he terminates employment with the Employer after his Normal Retirement Date. In either event, the payment of his supplemental retirement benefit shall commence on the first day of the month following his termination of employment. 3.6 If Xxxxxxxxx retires prior to his Normal Retirement Date, and his supplemental retirement benefit is paid in the form of a 100% joint and survivor annuity, there would be actuarial reductions for both early retirement and the 100% joint and survivor annuity. 3.7 The actuarial reduction and actuarial equivalence factors are set forth in Schedule 1 hereto.

PAYMENT OF SUPPLEMENTAL RETIREMENT BENEFIT. 3.1 Xxxxxxxxx’x Xxxxxxxxx'x accrued annual supplemental retirement benefit shall be paid in equal monthly installments commencing on the first day of the month following his termination of employment with the Employer for any reason other than his death. 3.2 If Xxxxxxxxx is married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be an actuarially reduced 100% joint and survivor annuity payable to Xxxxxxxxx during his lifetime and continuing thereafter during the lifetime of his Surviving Spouse. 3.3 If Xxxxxxxxx is not married when he terminates employment with the Employer, the normal form of payment of his supplemental retirement benefit will be a single life annuity payable to Xxxxxxxxx during his lifetime with payments terminating upon his death. 3.4 Xxxxxxxxx shall be entitled to elect an optional form of payment of his supplemental retirement benefit, and to change any such election, upon written notice filed with the Employer at any time up to six months preceding his termination of employment, or in the event of a separation or divorce from his spouse or the death of his spouse at any time up to the date of his termination of employment. Any new election or change of election which is made after the date provided herein shall have no force or effect. No change in the form of payment will be permitted for any reason after commencement of supplemental retirement benefit payments. The optional forms of payment which Xxxxxxxxx may elect within the times specified above are a lump sum payment to be paid on the first day of the month following his termination of employment, a single life annuity payable during his lifetime with no payments to his Surviving Spouse after his death, and any other optional form of payment which the Employer may permit in its discretion. 3.5 There shall be an actuarial reduction in Xxxxxxxxx’x Xxxxxxxxx'x supplemental retirement benefit in the event that he terminates employment with the Employer prior to his Normal Retirement Date and an actuarial increase in his supplemental retirement benefit in the event that he terminates employment with the Employer after his Normal Retirement Date. In either event, the payment of his supplemental retirement benefit shall commence on the first day of the month following his termination of employment. 3.6 If Xxxxxxxxx retires prior to his Normal Retirement Date, and his supplemental retirement benefit is paid in the form of a 100% joint and survivor annuity, there would be actuarial reductions for both early retirement and the 100% joint and survivor annuity. 3.7 The actuarial reduction and actuarial equivalence factors are set forth in Schedule 1 hereto.