Method of payment

At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under § 24-10-603 ; or (3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System. Acts 2003, No. 1734, § 1. At the option of the participant, the participant in the Local Police and Fire Deferred Retirement Option Plan shall receive: (1) A lump-sum payment from the account equal to the payments into the plan account; (2) A monthly annuity that is the actuarial equivalent of the lump-sum amount and paid in the form of one (1) of the options for an annuity under § 24-10-603 ; or (3) Another method of payment if another method is approved by the Board of Trustees of the Arkansas Local Police and Fire Retirement System. Acts 2003, No. 1734, § 1.