Common use of Normal form of payment Clause in Contracts

Normal form of payment. Except as provided in Subsections (b), (c) and the last sentence of Subsection 7(d)(ii), distribution of the Participant’s Account shall be paid to the Participant over five years in the form of 60 equal monthly payments. The Participant’s vested Account balance as of the commencement date determined in accordance with Subsection 7(a) shall be actuarially converted to the 60 monthly payments using the U.S. Treasury rate in effect on the first day of the calendar year containing the commencement date. Such conversion shall be performed without any adjustments for mortality. The Employer may purchase and retain ownership of an annuity from an insurance company in order to provide for such payments from the Employer to the Participant.