DB Plan that offers Life Annuity, 50% J&S Anniuty and lump sum benefit options is being terminated. Do participants have to receive the option to receive their benefits at both deferred to NRA and immediate or can Plan just offer immediate.

For example accrued benefit at NRA is 1000/month and paid today is 350/month. Does the benefit election form need to include both or just the 350/month option.

The election form has to include only benefits commencing at the annuity starting date for which the QJSA notice was provided. But the election form is not your total notice requirement. You also must include (among many other things) information telling the participant of their right to defer payment. (In fact PPA strengthens this requirement). The plan cannot eliminate any potential benefit commencement dates at plan termination, as they are protected under Section 411(d)(6)

The participant is entitled to defer distribution until the later of age 62 and NRA (no longer "immediately distributable"). Keep in mind that a QJSA is a benefit payable immediately, so the participant would not now elect a benefit payable at a later date, which is what the 2nd paragraph in your post suggests you were thinking. They would elect to have their benefit payment deferred, so you need a deferral form in your distribution package. Later they would again be given election forms. Of course I am assuming PVAB > $5K.

But since the plan is being terminated, the subsequent election will have to be a feature of a purchased annuity/terminal funding contract that maintains all the optional forms and optional start dates, possibly an expensive proposition.