Waiver Election definition

Waiver Election means a written election by a Participant during the Election Period to receive the payment of the Participant’s vested Accrued Benefit in a manner other than a Qualified Joint and Survivor Annuity or a Qualified Preretirement Survivor Annuity. A Waiver Election must be consented to by the Participant’s Spouse. The Spouse’s consent must acknowledge the effect of the waiver and must be witnessed by either the Plan representative or a notary public as required at the sole discretion of the Committee. The Spouse’s consent will be deemed made if the Participant establishes to the satisfaction of the Committee that (i) there is no Spouse; or (ii) the Spouse cannot be located. If the Spouse is legally incompetent to give consent, the Spouse’s legal guardian, even if the guardian is the Participant, may give consent. Also, if the Participant is legally separated or the Participant has been abandoned (within the meaning of local law) and the Participant has a court order to such effect, spousal consent is not required unless a Qualified Domestic Relations Order provides otherwise. Similar rules apply to a plan subject to the requirements of Section 401(a)(11)(B)(iii)(l) of the Code. Any consent made or deemed made hereunder shall be valid only with respect to the Spouse who signs, or is deemed to have signed, the consent. The Waiver Election of a Qualified Preretirement Survivor Annuity shall identify the Beneficiary or class of Beneficiaries or any contingent Beneficiaries. The Waiver Election of a Qualified Joint and Survivor Annuity shall identify the Beneficiary or class of Beneficiaries or contingent Beneficiary, if applicable, and the method of payment. Any change in the Waiver Election shall require a new spousal consent, unless the original consent of the Spouse expressly permits designations by the Participant without any requirement of further consent by the Spouse and acknowledges that the more restrictive consent could have been given. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the Annuity Starting Date. The Participant may revoke a Waiver Election at any time, but any new Waiver Election must comply with the requirements of this Paragraph A.7. A former Spouse’s consent to a Waiver Election shall not be binding on a new Spouse.

Waiver Election means an election to waive any benefits for a spouse under the Plan, but only if the spouse of the Participant consents to the election and such consent: (i) is in writing, (ii) acknowledges the effect of the election, including the identity of the alternate survivor beneficiary, and (iii) is witnessed by a notary public. If a married Participant, following a Waiver Election, changes the identity of the alternate survivor beneficiary, the spouse must consent to such change in the

Waiver Election has the meaning specified in Section 8.15.

Examples of Waiver Election in a sentence

• A Participant shall automatically receive his or her vested Accrued Benefit in the form of a Qualified Joint and Survivor Annuity unless the Participant makes a Waiver Election during the applicable Election Period.

• Any Inactive Participant not receiving benefits on August 23, 1984, shall be given the opportunity to make a Waiver Election for a Qualified Preretirement Survivor Annuity if such Inactive Participant (i) completed at least one (1) Hour of Service with the Employer under this Plan (or a Predecessor Plan) in a Plan Year beginning on or after January 1, 1976; and (ii) had completed at least 10 Years of Vested Service when he or she terminated employment.

• During any time that a Waiver Election is in force, the Participant may elect to have his or her death benefit distributed in any one of the ways permitted by Paragraph B.3 of this Article VII.

• Any deferred distribution from an annuity contract in a form other than a Qualified Joint and Survivor Annuity shall require a Waiver Election.

• If a Waiver Election is in effect when benefits are distributed, but no method of distribution is otherwise selected by the Participant, then the Committee shall make reasonable efforts to obtain an election of a method of distribution from such Participant.

• During any time that a Waiver Election is in effect, the Participant shall elect to have his or her Accrued Benefit distributable in one (1) of the alternate forms of payment described in subparagraphs (a) through (e) of this Paragraph B.3 as permitted in Article I.

• In addition, you may send a scan of the signed Cash Dividend Waiver Election Form in PDF form to Renren at the e-mail address provided in the form to expedite the process, but you must still send the original signed form as well.After Renren receives your signed Cash Dividend Waiver Election Form, it will provide your e-mail address to the Verification Agent.

• You will receive an e-mail from the Verification Agent to the e-mail address indicated in your Cash Dividend Waiver Election Form, directing you to the Verification Agent’s website at VerifyInvestor.com where you will be asked certain questions which may require you to disclose certain personal or corporate financial or other information.

• If you do not receive this e-mail within 24 hours after your Cash Dividend Waiver Election Form has reached Renren, please check your spam filter and if necessary contact the Information Agent.After you have uploaded the information requested by the Verification Agent to its website, the Verification Agent will review the information and verify your status to OPI.

• If COMPANY exercises the Waiver Election and if COMPANY obtains a license from such Third Party (“Third Party License”) relating to COMPANY’S permitted use of the Selexis Technology hereunder, then COMPANY may deduct any amounts actually paid to such Third Party to the extent related to the use of the Selexis Technology from any royalties payable to Selexis for Net Sales of the Product that would, but for such Third Party License, infringe such Third Party proprietary right.

More Definitions of Waiver Election

Waiver Election shall have the meaning set forth in Section 3.1.