(a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms: (1) A single lump sum payment. (2) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the participant. (b) Any beneficiary who is entitled to a distribution may elect to receive the distribution in either of the following forms: (1) A single lump sum payment. (2) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the beneficiary.
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