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HomeMy WebLinkAbout0321 . . . ~ ~ • , ~ ~ : the starting date oE the annuity precedes such Par- ticipant's Normal Retirement Date and actuarially for each additional year. Fractional years shall be cal-- culated to the nearest month. VIII:2 A Joint and Survivor annuity, with the survivor annuity not less than 50$ nor qreater than l0U$ of the annuity . payable to the Participant and his spouse, will be pco- vided those Participants who elect to take such early retirement and who have been married for the one-year periad ending on the early retirement annuity starting date. The amount of the joint and survivor annuity shall be that amount purchasable with the actuarial equivalent of the Iife retirement annuity of the normal annuity form accrued and vested as of the ~nnuity start- ing date. Such joint and survivor annuity shall apply ~ unless the Participant and his•spouse elect otherwise within the yU day period prior the an~uity starting date on a form provided by the Pension Committee describing in plain language the terms, conditions, and effects of all available forms ot annuity. ~ VIII:3 In the event ot the death of a Participant who has made an affirmative elPCtion to take the early retirement annuity as provided in Section VIII:2, and ~rho is within 1Q yeacs of Normal Retirement Date at the time of his ~ . death, the survivor-annuity for his spouse shall begin as of the date ot his death for the amount which would be payable as a survivor annuity iE the joint and sur- vivor annuity were effective as of the c~ate of death of ~ the Participant. The value of the Partici~ant's retice- ment annuity accrued to date of death, includinq the cash value portion of any death benefit payable under -any life insuranc~ policy or policies on the life of the • Participant under this Plan and Trust, shall be used to provide any such survivor annuity and any excess of such ~ value shall be paid as an additional death benefit to the survivor. In lieu of the survivo~ annuity, the surviving spouse may elect to take the valu~ of the participant's retirement annuity accru~d to date of death and purchase a single life annuity in the amount the benefit may provide. ~ -27- ~B~iOK~ p~ ~ - ~ - Y~ ~ - _ - - : ~ z<..~ r r ~ ~ ~