§ 700. Normal forms of retirement income.

A.

Joint and Survivor Form for Married Participants. The normal form of retirement income payable under the Plan to a Participant who is married at the time payments commence shall be a joint and survivor income which shall be the Actuarial Equivalent of the Participant's benefit calculated as a life annuity form of payment. The joint and survivor income shall be payable monthly for the Participant's life and shall continue after the Participant's death at one-half (½) the Participant's then current monthly rate, payable to the surviving spouse, subject to the death benefits payable according to Chapter 8 hereof.

B.

Life Annuity Form for Unmarried Participants. The normal form of retirement income payable under the Plan to a Participant who is not married at the time payments commence shall be a life annuity, payable monthly for the Participant's life, subject to the death benefits payable according to Chapter 8 hereof.

(Ord. No. 17981)