Common use of Plan Administrator Options Clause in Contracts

Plan Administrator Options. The Plan Administrator may satisfy the election of any annuity or installment option by the purchase of or providing an annuity. However, such annuity may not be in any form that will provide for payments over a period extending beyond either the life of the Participant (or the lives of the Participant and his designated Beneficiary) or the life expectancy of the Participant (or the life expectancy of the Participant and his designated Beneficiary). Furthermore, all annuity contracts under this Plan shall be non-transferable when distributed. The terms of any annuity contract purchased and distributed to a Participant or Spouse shall comply with all the requirements of the Plan.