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Such election shall not be changed once the election is made. Failure Io file an election with the Administrator within the appropriate time period will result in the Administrator beginning distributions on the Mandatory Commencement Date. 8.02. Mode of Paymenl: Benefits shall be paid in accordance with the payment option elected by the PARTICIPANT. Paymenti method of payment, and settlement options are available as provlded by each of the available investment specifications. At least thirty (30) days prior to lhe Elected or Mandatory Commencement Date, the PARTICIPANT shall elect lhe mode of payment based upon the options then available. Such election shall be irrevocable after the thidieth (30Ih)day pmr. edieg the date on Which benefits will commence. Failure to file an election with the Administrator will result in: (a) If the PARTICIPANT'S account value is $10,000.00 or less, the Administrator shall make a lump sum distribution to the PARTICIPANT; or (b) If the PARTICIPANT'S account value is greater than $10,000.00, the Administrator shall elect an annuity payout for the PARTICIPANT which provides for monthly payments to the PARTICIPANT in the form of a life annuity with a ten (10) year certain period. 8.03. Payments to Beneficiary: If the PARTICIPANT dies while employed with the EMPLOYER, or the PARTICIPANT dies before the benefits to which he is entitled under this Plan have been exhausted, the benefit payable under this Plan shall be paid to his designated Beneficiary. The Beneficiary shall have the right to elect the time and mode of payment of such benefits, subject tb the limitations set forth in this Plan. Such election as to the time of payment (distribution commencement date) shall be filed by the Beneficiary not later than one hundred twenty (120) days following the PARTICIPANT'S death and shall not be changed once the election is made. The distribution commencement date must be at least five (5) days following the date on which the election as to the time of payment is filed with the Administrator (subject to the December 31 commencement date for surviving spouses as described later in this Section), and distributions to a Beneficiary shall be completed within the applicable time period specified in the remaining paragraphs of this Section. An election concerning the mode of payment shall be filed by the Beneficiary either (i) at least thirty (30) days prior Io the date elected for the commencement of benefits, or (ii) within one hundred twenty (120) days following the PARTICIPANT'S death, whichever is later. Failure to file an election as to the time of payment will result in the Administrator beginning distribution to the Beneficiary no earlier than one hundred twenty-five (125) days following the PARTICIPANT'S death (subject to the December 31 commencement date for surviving spouses as described later in this Section). Failure to file an election as to the manner of payment will result in the Administrator making a lump sum cash distribution. If the PARTICIPANT dies prior to January 1, 1989, benefits payable to a Beneficiary shall, In all events, be completed during a period not in excess of (a) the life of the Beneficiary, if such Beneficiary is the surviving spouse of the PARTICIPANT, or (b) 15 years, in all other circumstances. If the PARTICIPANT dies on or after January 1, 1989, and after the commencement of distributions, then any amount not distributed to the PARTICIPANT during his life shall be distributed to the Beneficiary at least as rapidly as under the method of distribution used by the PARTICIPANT at the time of the PARTICIPANT'S death. In addition, if the PARTICIPANT dies prior to the commencement of distributions, but on or atter January 1, 1989, then the PARTICIPANT'S account shall be distributed to the Beneficiary within 5 years (or over the life or life expectancy of lhe Beneficiary, but not to exceed 15 years, if distributions commence within 1 year); provided, however, that if such Beneficiary is the surviving spouse of the PARTICIPANT, then (a) such distributions need not commence prior to December 31 of the calendar year in which the PARTICIPANT would have attained age 701/2 (or such other date as may be ~)ormltted under applicabl~ Treasury Regulations), and (b) benefits payable to such spouse shall be completed during a period not in excess of such spouse's life expectancy. No settlement option available to the pARTICIPANT shall provide benefits to Beneficiaries which are equal to or greater than 33 1/3% of the maximum benefit (or such other amount as may be permitted under applicable Treasury Regulations) that would have been payable to the PARTICIPANT if no provision had been made for payment to a Benefic!ary (as determined by the use of lhe expected return multiples in Treasury Regulation Section 1.72-9, or, in the case of payments under a contract issued by an insurance company, by the use of the mortality tables of such company). In addition, any settlement option payable over a period of more than I year shall be made only in substanlially nonlncreasing amounts paid not less frequently than annually.