Any participant who is entitled to a distribution for retirement or disability that equals or exceeds five thousand dollars ($5,000), may elect to receive the distribution in one of the following forms: (a) A single lump-sum payment. (b) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the participant. (c) A single life annuity. (d) A joint and survivor annuity for the lifetimes of the participant and the participantâs option beneficiary.
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