(a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms:

1. (1) A single lump sum payment.
2. (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. (1) A single lump sum payment.
2. (2) Substantially level installment payments for a period of years that extends no longer than the life expectancy of the beneficiary.