Method of Payment

7.01 - Except as otherwise provided herein, benefits shall be payable in equal monthly installments of 1/12th of the annual amount payable. The first monthly installment shall be as of the 30th day of the month in which the Participant's Early or Normal Retirement Date occurs or, if later, the 30th day of the month following the month in which the last contribution is deducted from such Participant's pay. Subsequent monthly installments shall be payable on the 30th day of each succeeding month, ceasing with the installment due on the 30th day of the month in which the Participant (or other Contingent Annuitant) dies. If the Participant dies within the first 15 days of the month, the final payment shall be 1/2 of the normal monthly amount; otherwise, the final payment shall be the full monthly amount.