[Ord. No. 92-80 §§1 —
3, 12-16-1992; Ord. No.
97-43 §1, 7-16-1997]
A. Upon the death of a married Active Participant who is vested, the spouse of such Participant will be eligible for annuity payments under Subsection
(B) for life if the Participant has been married to his spouse for at least twelve (12) months immediately preceding the Participant's death.
B. The
yearly amount of annuity payable to the spouse will equal the greater
of (1) or (2) as follows:
1. One hundred twenty dollars ($120.00);
2. The amount that would have been payable to the spouse if the Participant
had:
a. Separated from service on his date of death,
b. Survived to the date he would have first been eligible to retire
under the Plan,
c. Retired with the one hundred percent (100%) joint and Survivor Annuity
form described in Section 140.120(2), and
C. Notwithstanding
the above, the spouse may elect to have benefits commence on the first
(1st) day of any month coinciding with or following the date on which
the Participant would have first been eligible to retire, but preceding
or coinciding with the Participant's Normal Retirement Date.
[Ord. No. 92-80 §§1 —
3, 12-16-1992]
A. If
a Vested Terminated married Participant dies before his monthly pension
benefits commence, monthly annuity payments will be made thereafter
to the spouse for life.
B. The
yearly amount of annuity payable to the spouse will equal the amount
that would have been payable to the spouse if the Participant had:
1. Survived to the date he would have first been eligible to retire
under the Plan;
2. Retired with the fifty percent (50%) Joint and Survivor Annuity form
described in Section 140.120(2); and
C. Notwithstanding
the above, the spouse may elect to have benefits commence on the first
(1st) day of any month coinciding with or following the date on which
the Participant would have first been eligible to retire, but preceding
or coinciding with the Participant's Normal Retirement Date.
[Ord. No. 92-80 §§1 —
3, 12-16-1992; Ord. No.
01-57 §6, 10-17-2001; Ord. No. 05-54 §1(2), 12-5-2005]
Notwithstanding any other provision of the Plan, in event the
Actuarial Equivalent of the death benefit does not exceed one thousand
dollars ($1,000.00), payment of such benefit shall be in the form
of a single sum. Any such one (1) sum payment shall be in lieu of
the benefits otherwise payable hereunder.