Survivorship Option Sample Clauses

Survivorship Option. Effective July 1, 1993, the spouse of an active employee which active employee has passed away and met the Rule of 80 but is less than age 55 at the time of death will be afforded survivorship option. Effective January 1, 2005, the spouse of an employee with twenty (20) or more years of service that dies while still an active employee, regardless of the employee’s age at the time of such death, will be afforded survivorship option.

Survivorship Option. An employee may elect to take a reduced pension and designate his spouse to receive 50% of this reduced pension for her lifetime. If, however, the spouse of a retired employee who is receiving an actuarially reduced benefit predeceases the retired employee, the benefit level for the retired employee will revert to the original single life amount. In the event of the death of: (1) the employee in the absence of a surviving spouse, or, (2) the retiree who had elected a Joint and Survivor Annuity Benefit and there is no surviving spouse, or, (3) the surviving spouse receiving a pension hereunder at his/her date of death; and there are surviving dependent children of the employee who are under the age of 18, a benefit equal to the 50% joint and survivor annuity shall be payable to the dependent child until the child reaches the age of 18. Where there is more than one such dependent child under the age of 18, the benefit will be divided equally among the surviving dependent children. Each such child's benefit shall be paid until that child reaches the age of 18. Such benefit will be paid upon the furnishing of competent proof to the Company as to how and to whom the pension benefit should be paid.