Surviving Spouse Option Sample Clauses
Surviving Spouse Option. Provides a spouse option whereby the retiree has a 96 1/2% pension and, in the event of death after retirement, the spouse receives 50% of that pension rate.
Surviving Spouse Option. (a) Subject to the requirements of Section 10.02, a Member may elect, in lieu of the normal form of retirement income as described in Section 10.01, a surviving spouse option which will provide a reduced annual pension for the Member during his lifetime, and will provide that 60% of such reduced annual pension shall be continued upon death of the Member to the Spouse.
(b) The amount of the Member's reduced annual pension under this option shall be Actuarial Equivalent to the normal form of pension pursuant to Section 10.01.