A beneficiary who is not the spouse of the participant, and who is entitled to a distribution that equals or exceeds five thousand dollars ($5,000), may elect to receive the distribution in one of the following forms:
(a) A single lump-sum payment.
(b) Substantially level installment payments for a period not to exceed five years.
(Added by Stats. 1998, Ch. 820, Sec. 11. Effective September 25, 1998.)