Examples of Commuted Value in a sentence
The eligible Spouse can elect to continue the monthly payments or to receive the Commuted Value of the remaining payments.
If there is no Beneficiary, the Commuted Value of the remaining payments shall be paid in a lump sum cash payment to the estate of the Member.
The surviving Spouse can elect to continue the monthly payments or elect to receive the Commuted Value of the remaining payments.
Where the Spouse dies after the Member dies, the Commuted Value of the unpaid portion of the 84 monthly payments guaranteed to be paid to the Member shall be paid to the estate of the Spouse in a lump sum.
Commutation of Small PensionsIn the event that one of the following conditions is met: (i) the annual pension payable at the Member’s Normal Retirement Date is not more than 4% of the YMPE in the year of the Member’s termination; or (ii) the Commuted Value of the pension to which the Member is entitled is less than 20% of the YMPE in the year of the Member’s termination the University has sole discretion to pay the benefit in a single lump sum cash payment to the member.