2000_Ordinances - Laserfiche WebLink

Home Browse Search

contingent beneficiary dies before the member's retirement or before the date the option becomes effective. • (e) A member who has elected any one (1) of the options provided in subsections (b) and (c) of this section may, at any time prior to the later of the effective date of the member's retirement or the date the option becomes effective revoke such an election by written notification to the commission. The election of any one (1) of such options shall automatically revoke any previous election then in effect. (f) The commission may, in its discretion, if the amount of any retirement allowance which would be payable on an optional basis elected pursuant to this section be less than twenty dollars ($20.00) per month, decline to permit election of such option. Effective January 1, 1993, but subject to any de minimis or Section 401(a)(31) of the Interna Feeipieet any prospective recipien former spouse who is an alternate other person eligible to make a ro an "eligible rollover distribution" income) may direct the commissil them in Section 401(a)(31) of the extent not inconsistent therewith, otwithstandine anvthing to the contrary in this article, ther exceptions or limitations provided for under Revenue Code of 1986, as amended, a p�espgctiue (whether a member, a surviving spouse, a current or )ayee under a qualified domestic relations order or any over) of a distribution from the plan which constitutes to the extent otherwise includible in the recipient's gros n to pay the distribution directly to an "eligible eof, the following terms have the meanings assigned to ntemal Revenue Code of 1986. as amended, and, to th shall have the I The term "eli means a defined contribution which is either an individual retirement account described in Section 40 Internal Revenue Code of 1986, as amended, an individual retirement t described in Section 408(b) of the Internal (other than an endowment contract), an an the Internal Revenue Code of 1986, as arr. Section 401(a) of the Internal Revenue Cc prospective recipient's eligible rollover dis case of an eligible rollover distribution pa} "eligible retirement plan" means only an it retirement venue Code of 1986, as amended y plan described in Section 403(a) of led, or a qualified trust described in of 1986, as amended, that accepts the cation; provided, however, that in the e to a member's surviving spouse, an ridual retirement account or individua (ii) The term "eligible rollover distribution" means any distribution other than: Al A distribution which is one of a series of substantially equal periodic payments (not less frequently than annually) made either for the life (or life expectancy) of the recipient or the joint lives (or joint life expectancies) of the recipient and his beneficiary who is an individual or for a specified period of ten (10) or more years, or M&V 777871