(1) To pay benefits directly from the pension fund in a lump sum or installments;

(2) To invest the amount of the accrued benefit in an installment contract or annuity for the benefit of the covered boxer or the participating boxer's beneficiary by conversion of existing contracts or otherwise. Such installment contract, endorsed as nontransferable, may be distributed to the covered boxer or the covered boxer's beneficiary;

(3) To distribute to the covered boxer the contracts on the covered boxer's life; in such event, if the vested interest of the covered boxer is less than the value of contracts to be distributed, then the commission may reduce their net value to the amount of the vested interest by making a policy loan or allowing the participating boxer to purchase the excess contract value; or

(4) Any combination of the preceding methods.

(1) When a covered boxer either reaches age 50 or dies, the commission shall determine the boxer's accrued benefit on the last day of the plan year (or a valuation date as of the date the participating boxer became entitled to benefits hereunder, if the commission orders a special valuation to be made or if the accounts are segregated individual accounts). The covered boxer shall be provided with a nontransferable, fixed or variable installment contract of such type and from such insurer as the trustee shall select, payable over a period of years not to exceed the greater of thirty (30) years, the covered boxer's life expectancy, or the joint life expectancy of the covered boxer and the covered boxer's designated beneficiary. The payments shall be substantially equal in amount and shall occur at least annually.

(2) A covered boxer may, for good cause shown, petition the commission in writing to receive one of the following alternative methods of payment:

(3) For purposes of subsection (d), “good cause” means the covered boxer's terminal illness or disability retirement, or the situation where it is objectively imprudent to purchase an annuity contract.