Common use of Prior Elections Clause in Contracts

Prior Elections. Any payment elections made by the Executive before January 1, 2005 shall continue in effect until such time as the Executive makes a subsequent payment election and such election becomes effective as set forth below. If no prior payment election was made, then the current payment election shall be deemed to be a Normal Form commencing at the time set forth in Section 2.1(a) above.

Prior Elections. Any payment elections made by the Executive before January 1, 2005 shall continue in effect until such time as the Executive makes a subsequent payment election and such election becomes effective as set forth below. If no prior payment election was made, then the current payment election shall be deemed to be in the form of a Normal Form Retirement Benefit commencing at on the time set forth date provided in Section 2.1(a) above2.01 of this Agreement.