Form of Payment

7.04 -

• "Normal Form of Payment" The retirement benefit payable under Sections 7.01, 7.02 and 7.03 shall be determined according to the normal form of pension and is payable in that normal form of pension unless the automatic form of pension applies under Section 7.04(b) or the Participant elects an optional form of pension.
  
  The normal form of pension for a retirement benefit accrued by a Participant in respect of his Adjusted Credited Participating Service completed prior September 1, 2010 is a monthly annuity payable in the form of Life, Guaranteed Ten (10) Years. If the Participant dies before receiving 120 monthly payments, the payments shall be continued to the Participant's Beneficiary until a total of 120 such payments has been made.
  
  The Normal form of pension for a retirement benefit accrued by a Participant in respect of his Adjusted Credited Participating Service completed on or after September 1, 2010 is a monthly annuity payable in the form of Life Only, so that, should the Participant die payments will cease.
  
  The retirement benefit payable under Sections 7.01, 7.02, and 7.03 accrued by a Participant in respect of his total Adjusted Credited Participating Service shall be determined in accordance with this Section 7.04 on a combined basis based on the normal form of pension in effect on and after September 1, 2010; the retirement benefit accrued by the Participant in respect of his Adjusted Credited Participating Service completed prior to September 1, 2010 shall be adjusted accordingly.
• "Automatic Form for a Participant With a Spouse" For a Participant who has a Spouse on the date on which pension payments commence, the pension will be paid in the form of a Surviving Spouse Annuity, unless the Participant and the Participant's Spouse confirm the waiver of the Surviving Spouse Annuity form in the manner specified in Section 7.07.