A participant is entitled to receive a distribution from the participant's account upon written application to the executive director or third-party administrator. The participant may elect, on forms prescribed by the executive director or third-party administrator, the time distributions under the program are to commence by designating the month and year during which the first distribution is to be made. The participant may elect to receive the participant's distribution in any of the following forms:

1. (1) A lump sum;
2. (2) Equal monthly installments over a fixed period; or
3. (3) Any other form offered by the executive director or a third-party administrator. The application and election shall be made prior to the time any amounts become payable. A participant or a beneficiary who has chosen a payment form may change that payment option, if no payment has yet been made, and subject to any administrative restrictions and charges established by the board.

Source: SL 2004, ch 43 , § 21; SDCL § 3-12-185; SL 2005, ch 28 , §1; SL 2016, ch 31 , § 60.