In any case, if the Actuarial Equivalent of the Retirement Benefit payable to or on behalf of a Member, determined as of the Member's Annuity Starting Date, is $5,000 or less, such Actuarial Equivalent amount shall be payable only in the form of a single lump sum, subject to the Member’s right to elect to have all or any portion of such Actuarial Equivalent amount transferred by direct rollover to an eligible retirement plan, in accordance with the provisions of [Section 6.07].

If the Actuarial Equivalent of the Retirement Benefit payable to or on behalf of a Member, determined as of his termination of employment, is $5,000 or less, such Actuarial Equivalent amount shall be transferred, for the benefit of the Member, by direct rollover to an individual retirement account designated by the Committee, unless the Member expressly elects, on a timely basis, to have such Actuarial Equivalent amount transferred, by direct rollover, to an eligible retirement plan (as defined in [Section 6.07]) specified by the Member or to receive the distribution in a single lump sum payment.