(a) In the event a distribution request form is not filed or an election to commence payments is not made in accordance with these rules, benefits shall be paid when the participant attains or would have attained normal retirement age, except as specified in 4.1438(b)(1).

(b) In the event a method for payment of benefits is not designated in accordance with this chapter, benefits shall be paid as follows:

(1) for an account valued at less than $5,000, immediately and in a lump sum; and

(2) for an account valued at $5,000 or greater, in 5 equal annual installments.

History: Rule 11-87, eff 17 Jun 87.