Common use of Retirement Income Clause in Contracts

Retirement Income. Commencing not later than the first calendar year after the year in which the FUND is established, the retirement income payable each year will be one or more amounts the aggregate of which is not less than the minimum amount as defined below, but in no event will the retirement income exceed the fair market value of the FUND immediately before the time of payment. If the Trustee agrees, you may elect to receive in any year any amount between the minimum amount and the fair market value of the property in the FUND. The minimum amount will be the minimum amount as defined in subsection 146.3(l) of the Act. If, at the time that the Trustee is to make payment to you of the minimum amount and the only property remaining in the FUND cannot be partially liquidated to fund such payment, the Trustee may, at its sole discretion, make such payment by transfer in-kind of all such remaining property to you or to a non-registered account in your name, even though such transfer exceeds the amount of the required payment, regardless of any tax consequences to you. If you elect to have your minimum amount determined using your spouse’s age, you must complete the appropriate area on the face of this form before the Trustee makes any payment out of the FUND to you. At the end of the year in which the last payment is made, an amount equal to the value of the property must be paid out. No assignment will be made of any amount payable to you or, if applicable, to your spouse, out of or under the FUND.