Common use of SURVIVOR SPOUSE OPTION Clause in Contracts

SURVIVOR SPOUSE OPTION. In lieu of the normal pension payable under the Plan a member may elect to receive a reduced pension during his lifetime with the provision that following his death after actual retirement a pension will continue to his surviving spouse. A member may make such selection only by completing the appropriate form in writing before pension commencement. A surviving spouse option may be elected only with respect to a spouse to whom the member is married or in a common law relationship for at least three (3) years, or in a relationship of some permanence if they are the parents of a child, and not living separate and apart, at the date pension payments commence. In any event, if the member or his designated spouse died before the effective date of the election, the election shall be automatically cancelled. The reduced pension payable to the member will be ninety (90) percent of the normal pension payable to the member minus one-half of one (1) percent for each full year by which the spouse is more than five (5) years younger than the member, or increased by one-half of one (1) percent (to a maximum of one hundred (100) percent) for each full year by which the spouse is older than the member. The pension payable during the spouse’s lifetime after the death of the member will be sixty (60) percent of the member’s reduced pension.

SURVIVOR SPOUSE OPTION. In lieu of the normal pension payable under the Plan a member may elect to receive a reduced pension during his lifetime with the provision that following his death after actual retirement a pension will continue to his surviving spouse. A member may make such selection only by completing the appropriate form in writing before pension commencement. A surviving spouse option may be elected only with respect to a spouse to whom the member is married or in a common law relationship for at least three (3) years, or in a relationship of some permanence if they are the parents of a child, and not living separate and apart, at the date pension payments commence. In any event, if the member or his designated spouse died before the effective date of the election, the election shall be automatically cancelled. The reduced pension payable to the member will be ninety (90) percent % of the normal pension payable to the member minus one-half of one (1) percent % for each full year by which the spouse is more than five (5) years younger than the member, or increased by one-half of one (1) percent % (to a maximum of one hundred (100) percent%) for each full year by which the spouse is older than the member. The pension payable during the spouse’s lifetime after the death of the member will be sixty (60) percent % of the member’s reduced pension.

SURVIVOR SPOUSE OPTION. In lieu of the normal pension payable under the Plan a member may elect to receive a reduced pension during his lifetime with the provision that following his death after actual retirement a pension will continue to his surviving spouse. A member may make such selection only by completing the appropriate form in writing before pension commencement. A surviving spouse option may be elected only with respect to a spouse to whom the member is married or in a common law relationship for at least three (3) years, or in a relationship of some permanence if they are the parents of a child, and not living separate and apart, at the date pension payments commence. In any event, if the member or his designated spouse died before the effective date of the election, the election shall be automatically cancelled. The reduced pension payable to the member will be ninety (90) percent of the normal pension payable to the member minus one-half of one (1) percent for each full year by which the spouse is more than five (5) years younger than the member, or increased by one-half of one one (1) percent (to a maximum of one hundred (100) percent) for each full year by which the spouse is older than the member. The pension payable during the spouse’s lifetime after the death of the member will be sixty (60) percent of the member’s reduced pension.