The normal form for payment of retirement benefits shall be an annuity for the life of the participant paid in equal monthly installments.
A participant may make an election to commence receiving distribution of retirement benefits as of the participant's normal retirement date or late retirement date, whichever is applicable, or may defer such payments to a date not later than the required date for commencement of benefits determined under § 57-169.
A. 
Benefits and interest.
(1) 
Notwithstanding any other provision of this plan, the entire benefit of any participant who becomes entitled to benefits prior to death shall be distributed either:
(a) 
Not later than the required beginning date; or
(b) 
Over a period beginning not later than the required beginning date and extending over the life of such participant or over the lives of such participant and a designated beneficiary (or over a period not extending beyond the life expectancy of such participant or the joint life expectancies of such participant and a designated beneficiary).
(2) 
If a participant who is entitled to benefits under this plan dies prior to the date when the entire interest has been distributed after distribution of benefits has begun in accordance with Subsection A(1)(b) above, the remaining portion of such benefit shall be distributed at least as rapidly as under the method of distribution being used under Subsection A(1)(b) as of the date of death.
B. 
If a participant who is entitled to benefits under this plan dies before distribution of the benefit has begun, the entire interest of such employee shall be distributed within five years of the death of such employee, unless the following sentence is applicable. If any portion of the employee's interest is payable to (or for the benefit of) a designated beneficiary, such portion shall be distributed over the life of such designated beneficiary (or over a period not extending beyond the life expectancy of such beneficiary), and such distributions begin not later than one year after the date of the employee's death or such later date as provided by regulations issued by the Secretary of the Treasury, then for purposes of the five-year rule set forth in the preceding sentence, the benefit payable to the beneficiary shall be treated as distributed on the date on which such distributions begin. Provided, however, that notwithstanding the preceding sentence, if the designated beneficiary is the surviving spouse of the participant, then the date on which distributions are required to begin shall not be earlier than the date upon which the employee would have attained age 70 1/2 and, further provided, if the surviving spouse dies before the distributions to such spouse begin, this subsection shall be applied as if the surviving spouse were the employee.
C. 
For purposes of this section, the following definitions and procedures shall apply:
(1) 
"Required beginning date" shall mean April 1 of the calendar year following the later of the calendar year in which the employee attains age 70 1/2 or the calendar year in which the employee retires.
(2) 
The phrase "designated beneficiary" shall mean any individual designated by the employee under this plan according to its rules.
(3) 
Any amount paid to a child shall be treated as if it had been paid to the surviving spouse if such amount will become payable to the surviving spouse upon such child's reaching majority (or other designated event permitted under regulations issued by the Secretary of the Treasury).
(4) 
For purposes of this section, the life expectancy of an employee and/or the employee's spouse (other than in the case of a life annuity) may be redetermined but not more frequently than annually.
If the plan administrator determines that the value of a participant's accrued benefit is so small as to make pension payments in the normal form administratively impractical, the plan administrator may cause such payments to be made at such other periodic intervals as are administratively practical, but no less frequently than annually, or may make a single lump sum payment equal to the commuted value of such accrued benefit to the extent permitted under applicable law.
To avoid any duplication of benefits, a participant who is receiving a retirement benefit under this plan and who shall resume employment shall have benefit payments suspended until the first day of the month coincident with or next following the date such employment shall cease. Upon resumption of benefit payments, such participant shall receive the greater of the amount of the suspended benefit or the amount of benefit based upon final monthly average salary and years of credited service as of the date that such period of resumed employment shall cease.
[Added 12-19-2002 by Ord. No. 1529]
A. 
This section applies to distributions made on or after December 31, 2001. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the plan administrator, to have any portion of an eligible rollover distribution that is equal to at least $500 paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
B. 
For purposes of this section, the following definitions shall apply.
DIRECT ROLLOVER
A payment by the plan to the eligible retirement plan specified by the distributee.
DISTRIBUTEE
Includes an employee or former employee. In addition, the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), are distributees with regard to the interest of the spouse or former spouse.
ELIGIBLE RETIREMENT PLAN
A qualified trust described in Code Section 401(a), an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), an annuity contract described in Code Section 403(b), an eligible plan under Section 457(b) of the Code which is mandated by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan.
ELIGIBLE ROLLOVER DISTRIBUTION
(1) 
Any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of 10 years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); and the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities).
(2) 
For purposes of the direct rollover provisions in this section of the plan, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includable in gross income. However, such portion may be paid only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable.
The right to receive any benefits under this plan is a personal right of the participant and shall expire upon the death of the participant. No heir, legatee, devisee, beneficiary, assignee or other person claiming by or through a participant shall have any interest in any benefits hereunder unless clearly and expressly so provided by the terms of this plan. A participant's election, failure to make an election or revocation of an election hereunder shall be final and binding on all persons.