Common use of Transitional Rules Applicable to Joint and Survivor Annuities Clause in Contracts

Transitional Rules Applicable to Joint and Survivor Annuities. (a) Any living Participant not receiving benefits on August 23, 1984, who would otherwise not receive the benefits prescribed by Section 9.2 must be given the opportunity to elect to have section 9.2 apply if such Participant is credited with at least one (1) Hour of Service under this Plan or a predecessor Plan in a Plan Year beginning on or after January 1, 1976, and such Participant had at least ten (10) years of Service when he or she terminated employment. (b) Any living Participant not receiving benefits on August 23, 1984 who was credited with at least one (1) Hour of Service under this Plan or a predecessor Plan on or after September 2, 1974, and who is not otherwise credited with any Service in a Plan Year beginning on or after January 1, 1976, must be given the opportunity to have his or her benefits paid in the manner set forth in paragraph (d) below. (c) The respective opportunities to elect (as described in paragraphs (a) and (b) above) must be afforded to the appropriate Participants during the period commencing on August 23, 1984, and ending on the date benefits would otherwise commence to said Participants. (d) Any Participant who has elected pursuant to paragraph (b) above and any Participant who does not elect under paragraph (a) above or who meets the requirements of paragraph (a) except that such Participant does not have at least ten (10) years of Service when he or she terminates employment shall have his or her benefits distributed in accordance with all of the following requirements if benefits would have been payable in the form of a life annuity.