(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.