(a) Any participant who is entitled to a distribution may elect to receive the distribution in either of the following forms:
(1) A single lump sum payment.
(2) Substantially level installment payments for a period or 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) A single lump sum payment.
(2) Substantially level installment payments for a period or years that extends no longer than the life expectancy of the beneficiary.
(c) Notwithstanding any other provision of this chapter, a participant or beneficiary shall not be permitted to elect a distribution under this chapter that [does] not satisfy the requirements of Title 26, Section 401, subsection (a), paragraph (9) of the United States Code, including the incidental death benefit requirements of title 26, Section 401, subsection (a), paragraph (9), subparagraph (g) of the United States Code and the regulations thereunder. The required beginning date of distributions that reflect the entire interest of the participant shall be as follows:
(1) In the case of a lump sum distribution to the participant, the lump sum payment shall be made not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(2) In the case of a distribution to the participant in the form of periodic payments, payment shall begin not later than April l of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(3) In the case of a benefit payable on account of the participant's death after distributions to the participant have commenced in the form of periodic payments, the remainder of the participant's account shall be distributed at least as rapidly as if the participant had not died.
(4) In the case of a benefit payable on account of the participant's death before distributions to the participant have commenced, distributions shall be paid no later than December 31 of the calendar year in which the fifth anniversary of the participant's date of death occurs unless the benefit is paid over a period not extending beyond the life expectancy of the beneficiary and distributions commence not later than December 31 of the calendar immediately following the calendar year in which the participant died, or in the event that the beneficiary is the participant's spouse, distributions must commence on or before the later of either:
(i) December 31 of the calendar year immediately following the calendar year in which the participant dies.
(ii) December 31 of the calendar year, in which the participant would have attained the age of 70 1/2 years.
(d) Distributions from the plan shall be made as soon as practicable after the first valuation date immediately following the date of request for distribution calculated based upon the valuation date immediately preceding the distribution.
(e) Notwithstanding any other law to the contrary, the death benefit payable under the plan may be requested by the beneficiary and paid as soon as practicable following receipt of proof of the participant's death.
(f) If a person becomes entitled to a distribution from the plan that constitutes an eligible rollover distribution within the meaning of Title 26, Section 401, subsection (a), paragraph (31) of the United States Code, the person may elect under terms and conditions established by the board to have the eligible rollover distribution or a portion thereof paid directly to a plan that constitutes an eligible retirement plan within the meaning of Section 401, subsection (a), paragraph (31), as specified by that person. Upon the exercise of the election by a person with respect to a distribution or a portion thereof, the distribution by the plan of the amount so designated, once distributable under the terms of the plan, shall be made in the form of a direct rollover to the eligible retirement plan so specified.
(g) Notwithstanding any other provision of this chapter, a participant may, at any time, in writing, authorize the Board to apply any or all of the participant's account to payment of any contributions required as a member of the system or payable to the system at the option of the member pursuant to any provision of this chapter, except normal monthly contributions required by this chapter. Any distribution or transfer made pursuant to this subsection shall comply with the applicable provisions of Title 26 of the United States Code.
(h) Except as otherwise provided in this chapter, all distributions shall be made directly from the fund to the participant or beneficiary. To the extent required by federal or territorial law, income and other taxes shall be withheld from each distribution, and the payment shall be reported to the appropriate governmental agency or agencies.