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:

1. (a) A single lump-sum payment.
2. (b) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the participant.
3. (c) A single life annuity.
4. (d) A joint and survivor annuity for the lifetimes of the participant and the participant’s option beneficiary.