Common use of Post-Retirement Survivor Benefit Clause in Contracts

Post-Retirement Survivor Benefit. Notwithstanding any provision hereof to the contrary, the Executive may elect, at any time prior to commencement of his benefits under Article II (and may revoke or modify any such election and/or make a new election, in each case at any time and from time to time prior to commencement of his benefits under Article II), to have his benefit paid in the from of a joint and survivor annuity pursuant to which (i) payment of the Executive's benefit will be made in accordance with Article II and (ii) if the Executive dies after payment of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's designated beneficiary, starting on the first of the month immediately following the month in which the Executive dies or, if later, with the month immediately following the last month for which a payment is made to such beneficiary under Article II, and ending with the payment for the month in which the death of such designated beneficiary occurs. Such monthly benefit shall be an amount equal to 50% or 100%, as elected by the Executive, of the monthly benefit the Executive was receiving under the Agreement prior to his death. If the Executive makes such election, the benefit payable to the Executive under Article II hereof shall be reduced to reflect the actuarial equivalence of the additional Post-Retirement Survivor Benefit so elected by the Executive.

Post-Retirement Survivor Benefit. Notwithstanding any provision hereof to the contrary, the Executive may elect, at any time prior to commencement of his benefits under Article II (and may revoke or modify any such election and/or make a new election, in each case at any time and from time to time prior to commencement of his benefits under Article II), to have his benefit paid in the from of a joint and survivor annuity pursuant to which (i) payment of the ExecutiveExecu tive's benefit will be made in accordance with Article II and (ii) if the Executive dies after payment of his benefits under Article II has started, the Company shall pay a monthly benefit to the Executive's designated beneficiary, starting on the first of the month immediately following the month in which the Executive dies or, if later, with the month immediately following the last month for which a payment is made to such beneficiary under Article II, and ending with the payment for the month in which the death of such designated beneficiary occurs. Such monthly benefit shall be an amount equal to 50% or 100%, as elected by the Executive, of the monthly benefit the Executive was receiving under the Agreement prior to his death. If the Executive makes such election, the benefit payable to the Executive under Article II hereof shall be reduced to reflect the actuarial equivalence of the additional Post-Retirement Survivor Benefit so elected by the Executive.