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HomeMy WebLinkAbout0320 ~ • * ~ VII:2 The Committee, with the written assent oF the Parti- cipant anc~ by filinq wri~ten notice with the Trustee not later than thc~ Retirement Date of such P:~rticipani, may eleet, in liec~ of the nocmal annuity E~~rm or the joint and survivor Eorm provided under the ter:~s and this Agreement, payr~ent of benefits at retirement date under and in accordance with any optional Form of benefit permitted by the Insurer, including a lump sum payment and not including the interest only option; provided, however, that such optional form of beneEit results in no greater cost to the Trustee as of retirement date than the normal form as herein provided. ~7ith respect to any insta2lment options, the maximum payout period shall not exceed either the life expectancy of the em- ployee,~or the joint life expectancy of the employee anc~ his spouse, determined at the date beneEits are to com- mence and in any case not later than actual retirement following attainment of normal retirement age. The . , survivor annuity, if effective, shall not be less than half of the annuity payable to the Participant during the joint lives of the Participant and his spouse. ~ Upon the receipt of such written election, tMe Trustee shall execute-and/or have executed such instrwaent as _ may be required by the Insurer for such purpose. ~ VII:3 Payment of benefits shall commence not later than 60 days after the end-of the Plan and Trust year in which occurs Normal Retirement Date or termination of employ- ment, if thereafter. Notwithstanding thp preceding sentence, the payment of the vested int~rest of a ter- minated Participant may commence not Iater than b4 days after the end of the Plan and Trust year in which occurs the earliest possible Early Retiremenk Date as defined in Section VII:1 of this Plan and Trust, if the Parti- - - cipant elects such early retirement. . ARTICLE VIII EARLY RETIREMENT VIII:1 " A Participant may retire at any time eithin the ten (lU) year perio~ immediately preceding his Normal Retirement ~ Date. The amount of retirement annuity due at early cetirement date shall be equal to the retirement annuity ac,~rued to such early retirement date reduced one-fif- teenth for each of the first five (5) yPars and one- thirtie~h for each of the next five (5) years by which ~ -26- ~ ~ +~19 ~_~V ~ ~ _ ~ ~ - -~.w _ - -