HomeMy WebLinkAbout2463 Cash (a) Any benefit may be paid as a lump sum; or
Life annuity as an Annuity payable in equal monthly install-
ments for life; or
Joint & as a joint ~n8 survivor Annuity payable in equal
Survivor Annuity monthly installments during the life of the Par-
ticipant and after his death to his spouse or
other annuitants in monthly installments either
in the same amount or in a lesser amount; or ~
Annuity as an Annuity payable in equal monthly install-
guaranteed ments for the life of the Participant and for
for 10 years a period of ten (10) years certain; or
Annuity as an Annuity payable in equal monthly install-
guaranteed ments for the life of the Participant and for
for 5 years a period of five (5) years certain; or
~ Variable as installment payments based upon a Partici-
s Annuity pant's life expectancy at the time of retire-
; ment. A fraction, the numerator being one (1)
! and the denominator being the number of years
~ of the Participant's life expectancy as of his
f actual retirement rounded to the nearPSt whole
s number, shall be applied to the total amount
~ held for distribution. The resultant amount
;
~ shall be distributed in twelve (12) equal in-
~ stallments over the first year.
~ In the second year of retirement, the numerator
~ shall still-be one, but the denominator will be
~ the Participant's new life expectancy. The
~ Participant's retirement account will reflect
the earnings of his account for the current
~ year, and the new fraction shall be applied
~ to arrive at the amount of distribution for the
current year. This procedure shall be applied
in each year in which the Participant is still
alive.
~
Restrictions (b) The Participant will, in no event, be permitted
on payment to elect to receive his benefit in either of the
- option following forms:
~
~ (13)
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