Article IV, Section 9
Section 9. Joint and 50% Survivor Annuity.
- Notwithstanding anything in this Plan to the contrary, if
a Participant is married on his Annuity Starting Date, such benefit shall
be paid in the form of a joint and 50% survivor annuity, unless, after receiving
a written explanation of the terms and conditions of such joint and 50% survivor
annuity and the effect of not receiving same, the Participant elects some
other form of benefit in accordance with Section 4 of this Article. Under
such joint and 50% survivor annuity, the benefit will be paid to the Participant
for the life of the Participant, with a survivor annuity for the life of the
spouse of the Participant to whom he is married at the Annuity Starting Date
which is 50% of the amount of the benefit payable during the joint lives of
the Participant and the spouse and which is the actuarial equivalent of the
normal, late or early retirement benefit, whichever is applicable.
- Any written rejection of the joint and 50% survivor annuity
made under this Section 9 shall not be valid unless it is made in accordance
with the requirements of Section 4 of this Article IV.
Note: The HTML formatting of this document varies slightly from the printed version. Please refer to the Adobe PDF for an electronic version which is identical to the actual document without signatures. The actual signed documents are on file with the Administrative Office.
|
