HAR §14-44-25. Selection of payment options

(a) The payment of benefits under the plan shall be made primarily for the benefit of the participant. (b) A method for payment of benefits shall be designated on the distribution request form from among the options available under the applicable investment product contracts, which may include: (1) Fixed payments over a period of time; (2) Annuity payments; and (3) Lump sum payment. (c) The designation of the method for payment of benefits is irrevocable, unless modified at least thirty days prior to the date benefits are to commence. (d) In the absence of a designation within the prescribed time, benefits shall be paid in accordance wit1(),-.section 14-44-26. [Eff 5/12/83; am and comp vi - ,1 2023 ] (Auth: HRS §88E-3) (Imp: HRS §88E-3) §14-44-26 Failure to select distribution options. (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 subsection (b) (1). 44-17 §14-44-26 (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 five equal annual installments. [Eff 5/12/83; am and comp r (Auth: HRS §8 8E-3) (Imp: HRS qc'J8E]3 ?023