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valuation date under Section 2.62.630.E on or as soon as administratively feasible following receipt of such application. Distributions shall not be made from an employee's investment account prior to the date the employee ceases to be an employee. B. Upon the death of an employee prior to the date distribution of his or her investment account is made or commences under subsection A of this section, the employee's investment account shall be distributed to the beneficiary designated by the employee upon forms (or such other medium) provided by the board of trustees or, if authorized by the board, the manager of the investment funds. If the employee fails to designate a beneficiary, or if no beneficiary survives the employee, such distribution shall be made to his or her estate in a single lump sum. Distribution under subsection B of this section shall be made or commence as of the valuation date under Section 2.62.630.E on or as soon as administratively following receipt of notice of the employee's death. C. Distributions to the employee or a beneficiary under subsections A or B of this section may be made in any form permitted for a defined contribution plan under the Internal Revenue Code, as elected by the employee or beneficiary. If the employee or beneficiary is entitled to a benefit payable under Section 2.62.150, the employee or beneficiary may elect to have all or any portion of the employee's investment account transferred to the portion of the fund not credited to investment accounts and paid in the actuarially equivalent form of such benefit, determined using an interest rate of seven percent and the 1983 Group Annuity Mortality Table. D. Distributions under this section shall be made in accordance with the Internal Revenue Code, Section 401(a)(9), and the regulations thereunder. E. On or after January 1, 2002, a distributee may elect, at the time and in the manner prescribed by the board of trustees, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. 1. An eligible rollover distribution is any distribution of all of any portion of the balance to the credit of the distributee in an investment account, except that an eligible rollover distribution does not include any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more, or any distribution to the extent such distribution is required under the Internal Revenue Code, Section 401(a)(9);