Installment Payment Option Sample Clauses

Installment Payment Option. (1) MassMutual, upon receipt of Effective Communication from the Investor and subject to the terms of the Plan, will make benefit payments in installments equal to the balance of the Participant’s Plan Account. (2) Effective Communication of an election of installment payments must specify either: (i) benefit payments in equal amounts, except that the last payment which exhausts the Participant's Plan Account may be smaller; (ii) a specific number of benefit payments, the amount of each benefit payment to be equal to the then value of the balance of the Participant’s Plan Account divided by the number of remaining benefit payments to be made; or (iii) benefit payments over the Participant's life expectancy, or the life expectancy designated in accordance with the terms of the Plan, the amount of each benefit payment to be equal to the then value of the balance of the Participant’s Plan Account divided by the applicable life expectancy as redetermined each year. (3) The Plan Account of a Participant who elects installment payments will remain invested in the Guaranteed Interest Account during the time in which the installment payments are made to the Participant. (4) Installment payments will terminate with the earlier of: (i) the benefit payment which completely exhausts the balance of the Participant’s Plan Account; (ii) completion of the installment payment period; (iii) the Participant’s election to receive the balance of the Participant’s Plan Account in a lump sum; (iv) the last benefit payment due preceding the death of the Participant; or (v) the