Common use of Qualified Joint and 50% Survivor Annuity Clause in Contracts

Qualified Joint and 50% Survivor Annuity. (a) Notwithstanding anything in Sections 2 through 5 of this Article to the contrary, if a Participant is married on his Benefit Commencement Date, such benefit shall be paid in the form of a Qualified Joint and 50% Survivor Annuity, unless after receiving a written explanation of the terms and conditions of such Qualified Joint and 50% Survivor Annuity and the effect of not receiving same, the Participant elects a single life annuity or some other form of benefit permitted in accordance with Section 8 of this Article. Such Qualified Joint and 50% Survivor Annuity shall be actuarial equivalent (as determined in Article IV, Section 16) of the Normal, Early, Late or Disability Pension (or the benefit described in Article IV, Section 4(b)), whichever is applicable, and shall commence at the time the applicable Pension (or benefit) would have commenced.