I. There shall be a distribution of the accumulated contributions of the member or sponsor upon the first to occur of the following:
(a) Termination of volunteer service;
(b) Attainment of age 60 by the member; or
(c) Death of the member.
II. The distribution shall occur as a lump sum or as a single premium annuity, payable to the member, or to the named beneficiary or beneficiaries of the member, in the case of distribution after the member's death.
III. No distributions paid under the plan shall commence prior to January 1, 2001.