Common use of Payment Form and Medium Clause in Contracts

Payment Form and Medium. Except to the extent otherwise provided by Section 11.4, a Participant may elect to be paid in any of these forms: (a) A single lump sum, or (b) Periodic installments over a period not to exceed the lesser of fifteen (15) years or the number of years determined in accordance with Section 11.9, or (c) A partial lump sum, or (d) A combination of the above. The payment forms set forth in this Section 11.3 shall also apply to death benefit payments to a surviving spouse Beneficiary or a nonspouse Beneficiary, except that (i) periodic installment payments to a surviving spouse Beneficiary must be paid over a period not to exceed the life expectancy of the surviving spouse Beneficiary and begin by not later than the Participant’s Required Beginning Date as defined in Plan Section 1.51 and (ii) periodic installment payments to a nonspouse Beneficiary must be paid over a period not to exceed the lesser of the life expectancy of the nonspouse Beneficiary or fifteen (15) years and begin by the date specified in Plan Section 11.9(b)(ii)(B).