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 participant’s option beneficiary.