(A) Retirement benefits.
(1) The optional forms of retirement benefit shall be the following: (i) a straight life annuity; (ii) single life annuities with certain periods of 5, 10, or 15 years; (iii) a single life annuity with modified cash refund of the participant's required contribution account; and (iv) survivorship life annuities with survivorship percentages of 50%, 66-2/3%, 75%, or 100%.
(2) The benefit payable under any optional form available above (other than the normal form) shall be the actuarial equivalent of the benefit that would otherwise be payable to the participant under the normal form on his retirement date. If the participant's retirement date is before his normal retirement date, the benefit payable under any optional form other than (i) a nondecreasing annuity payable for a period of not less than the life of the participant or (ii) an annuity that decreases during the life of the participant merely because of (a) the death of the survivor annuitant (but only if the reduction is not below 50% of the benefit payable before the death of the survivor annuitant), or (b) the cessation or reduction of Social Security supplements or qualified disability payments (as defined in Code Section 401(a)(11)), shall not be less than the actuarial equivalent of the benefit that would otherwise be payable to the participant under the normal form on his normal retirement date.
(4) Any annuity contract distributed shall be nontransferable.
(B) Death benefits.
(1) The optional forms of death benefit are any of the optional forms of retirement benefit stated in division (A) above that are not survivorship life annuities.