Years Certain and Life Option. Such an election will provide for an actuarially reduced pension payable during his life and a continuation of such pension after the death of the former retired Employee to the designated beneficiary, provided, however, that only that portion of a monthly pension which is payable pursuant to Paragraph 3 of this Article V equal to that amount payable if the retired former Employee is or might be eligible for any primary benefit unreduced by reason of age pursuant to any Social Security or comparable law of the United States of America shall be actuarially reduced and payable to the designated beneficiary; and provided further that the period of payment beginning with and immediately following the month that the actuarially reduced pension became payable (prior to, during, and after the month of death of the retired former Employee), shall be limited to the elected 5, 10 or 15 year extended term certain period. If after the death of the second to die of the retired former Employee and his designated beneficiary, there then remain any monthly payments that would be necessary to complete the elected 5, 10 or 15 year extended term certain period, the present value of such remaining monthly payments will be paid to the estate of the last to die. For purposes of this Subparagraph (b), the present value of the remaining monthly payments shall be determined as of the date of the payment using an interest rate in accordance with the provisions of Paragraph 16 of Article VII. An Employee having elected this option may at any time prior to its effective date revoke this option by submitting written notice of such revocation to the Pension Board.
Years Certain and Life Option. Subject to the provisions of Section 7.8, a Participant who elects this option will receive a reduced amount of retirement income during his lifetime, so that if his death occurs within the year certain period commencing upon his Retirement Date as specified in the election (5, 10, 15 or 20 years), retirement income in the same amount will be paid to the Beneficiary designated by the Participant for the balance of the years certain period specified by the Participant. If the option is in effect on the Participant's Retirement Date, the amount of retirement income payable to the Participant will be determined by multiplying the amount which would otherwise be payable to him, assuming the normal form described in Section 7.2 is effective, by the appropriate Adjustment Factor. If a Participant who has elected this option dies on or after his Normal Retirement Date, but before his Retirement Date, his designated Beneficiary will receive retirement income payments beginning on the first day of the month next following the Participant's death and continuing until ================================================================================ 187 40 XXXXXX FEDERAL SAVINGS BANK
Years Certain and Life Option. Such an election will provide for an actuarially reduced pension payable (after the fifth anniversary of the retired former Employee's Normal Retirement Date) during his life and a continuation of such pension (after the later of such fifth anniversary and the death of the former retired Employee) to the designated Beneficiary, provided however, that the period of payment beginning with and immediately following the month that the actuarially reduced pension became payable (prior to, during, and after the month of death of the retired former Employee), shall be limited to the elected 5, 10, or 15 year extended term certain period. If after the second to die of the retired former Employee and his designated Beneficiary, there then remain any monthly payments that would be necessary to complete the elected 5, 10, or 15-year extended term certain period, the computed value of such remaining monthly payments will be paid to the estate of the last to die. An Employee having elected this option may at any time prior to his Normal Retirement Date, revoke this option by submitting written notice of such revocation to the Pension Committee.
