Common use of Qualified Joint and Survivor Annuity Clause in Contracts

Qualified Joint and Survivor Annuity. If benefits in the form of a life annuity become payable to a married Participant who: (i) Begins to receive payments under the Plan on or after Normal Retirement Age; or (ii) Dies on or after Normal Retirement Age while still working for the Employer; or (iii) Begins to receive payments on or after the Qualified Early Retirement Age; or (iv) Separates from service on or after attaining Normal Retirement Age (or the Qualified Early Retirement Age) and after satisfying the eligibility requirements for the payment of benefits under the Plan and thereafter dies before beginning to receive such benefits; then such benefits will be received under this Plan in the form of a Qualified Joint and Survivor Annuity, unless the Participant has elected otherwise during the election period which shall begin at least six (6) months before the Participant attains Qualified Early Retirement Age and end not more than ninety (90) days before the commencement of benefits. Any election hereunder will be in writing and may be changed by the Participant, with the consent of his or her spouse, at any item during the election period.