146.95. The value of the benefits of members and beneficiaries that are in payment or suspended on the date of the termination must be paid according to one of the following methods:
(1) by the purchase, from an insurer selected by the pension committee, of an annuity established using the value granted to their benefits under section 218, which applies with the modifications provided for in paragraph 1 of section 146.96 and section 146.98; or
(2) at the member’s or beneficiary’s request, by means of a transfer of the value of his or her benefits established under subparagraph 1 into a plan referred to in section 98, which applies with the necessary modifications.
If a member or a beneficiary does not communicate his or her choices to the pension committee before the expiry of the time limit provided for in the first paragraph of section 207.2, the value of his or her benefits must be paid by the purchase of an annuity referred to in subparagraph 1 of the first paragraph.