§ 18-36. Distributions in plan years beginning after December 31, 1984.

Commencing with the first plan year beginning after December 31, 1984, the entire interest of a member shall either be distributed to the member not later than April 1 following the calendar year in which the member attains age seventy and one-half (70½) years or the calendar year in which the member terminates service as an employee, whichever is later. In the alternative, distribution shall commence no later than the above specified commencement date and be distributable over a period of time not exceeding the limitations set forth in this section:

(1)

Distributions to a member shall not extend beyond the life of the member or the lives of the member and the member's designated beneficiary, or over a period not extending beyond the life expectancy of the member or the life expectancy of the member and the member's designated beneficiary.

(2)

If distribution has commenced to a member, and such member dies before receiving their entire interest, the remainder of such interest shall be distributed over a period at least as rapidly as under the method of distribution in effect prior to such member's death; e.g., remainder of period certain basis.

(3)

Any method of distribution selected and made in writing by a member prior to January 1, 1984, and which is in compliance with system provisions prior to such date, shall be permitted under this section even though not in accordance with the above provisions as applied to plan years beginning after December 31, 1983.

(Ord. No. 1380, § 5, 2-19-86; Ord. No. 1416, § 6(a), 8-27-86; Ord. No. 2271, § 5, 5-1-2002)