Common use of Reduced benefit Clause in Contracts

Reduced benefit. Upon the death of the retired member, 100% of the retired member’s monthly allowance shall be continued throughout the life of and paid to the designated beneficiary. No changes may be made to the designated beneficiary after payment of the member’s first retirement allowance. If the beneficiary predeceases the retired member, no benefits will be payable after the retired member’s death.

Reduced benefit. Upon the death of the retired member, 10050% of the retired member’s monthly allowance shall be continued throughout the life of and paid to the designated beneficiary. No changes may be made to the designated beneficiary after payment of the member’s first retirement allowance. If the beneficiary predeceases the retired member, no benefits will be payable after the retired member’s death.

Reduced benefit. Upon the death of the retired member, 100% Allows any portion of the retired member’s monthly allowance shall allowance, the amount to be continued determined by the retired member, to continue throughout the life of and paid to the designated beneficiary. No changes may be made to the designated beneficiary after payment of the member’s first retirement allowance. If the beneficiary predeceases the retired member, no benefits will be payable after the retired member’s death.