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ii. in a lump sum; or, <br /> <br />iii. <br /> <br />in periodic installments over some period <br />not more than 10 years from date of retire- <br />ment, commencing the first day of the month <br />following such termination; or <br /> <br />Subject to the provisions hereof, the City may <br />postpone such payments referred to in VI C. 1. <br />a. or VI C. 1. b. until the Participant reaches <br />normal retirement age or such earlier date as <br />the City in its sole discretion may determine. <br /> <br />Subject to the provisions hereof, the City agrees to <br />pay Death Benefits to the Participant's designated <br />beneficiary or the Participant's estate for 120 con- <br />secutive months, commencing on the first day of the <br />month following the Participant's death. However, <br />in the sole discretion of the City, such payment may <br />be in a lump sum or installments over some period <br />not more than 10 years from date of Participant's <br />death. <br /> <br />If a Participant has qualified to receive Deferred <br />Compensation Payments and such Participant dies be- <br />fore receipt of all 120 monthly payments or such pe- <br />riodic payments as elected under C. 1. a. or C. 1. <br />b., the City agrees to continue to pay such monthly <br />payments for the balance of the 120 month period or <br />such periodic payments as elected under C. 1. a. or <br />C. 1. b. to the Participant's designated beneficiary <br />or the Participant's estate. <br /> <br />A Participant may designate one or m~re beneficiaries <br />and may name contingent beneficiaries to whom the <br />Benefits will be payable upon death of any designated <br />beneficiary. The Participant will also have the right <br />to change his designation of beneficiaries. <br /> <br />In the event that a Participant's beneficiaries die <br />before all monthly benefit payments become payable <br />to such beneficiaries, whether under 2. or 3. above, <br />then the commuted value (at a rate of interest de- <br />cided upon by the City) of such monthly benefits will <br />be paid by the City to the estate of the last sur- <br />Viving beneficiary. <br /> <br />The City may determine that in lieu of the Deferred <br />Compensation Payment provided in C. 1. a. or C. 1. <br />b. to pay an actuarial equivalent series of payments <br />on any one of the following options: (a) a refund <br /> <br />- 4 - <br /> <br /> <br />