The normal form for payment of retirement benefits shall be a monthly annuity for the life of the participant; provided, however, that if the death of the retired participant shall occur after the payments commence but prior to the date on which the total amount paid to the participant exceeds the value of the participant’s accumulated contributions determined as of the retirement date, the beneficiary shall be eligible to receive a distribution in an amount equal to the participant’s accumulated contributions as of the retirement date, less the total amount paid to the participant. If the total amount paid to the participant exceeds the value of the participant’s accumulated contributions determined as of the participant’s retirement date, there shall be no other amounts due and payable upon the occurrence of the death of the participant.
A participant may receive payment of retirement benefits in an optional form which shall be the actuarial equivalent of the normal form. The optional forms of payment hereunder shall be as follows:
A. 
Life annuity with period certain option. In lieu of receiving a retirement benefit under the normal form, a participant may elect to convert the benefit to this option which provides for a retirement benefit payable monthly to the participant until the death of the participant occurs or for a period certain whichever is longer. If the participant shall die before receiving payment of benefits at least equal to the period certain then the remainder of the period certain payments shall be paid as they become due to a designated beneficiary. The total number of payments made to the participant and beneficiary shall equal to the number of period certain payments selected. If the participant shall die after receiving payment of benefits equal to or greater than the period certain there shall be no additional payments due hereunder after the participant’s death. The period, certain which may be elected, shall be either five, 10, or 15 years certain.
B. 
Joint and survivor annuity option. In lieu of receiving the retirement benefit under the normal form, a participant may elect the joint and survivor annuity which provides for a retirement benefit payable to the retired participant until death and for the continuation of benefit payments in an amount equal to 50%, 75% or 100% of the participant’s reduced pension benefit to a surviving spouse until the death of the surviving spouse shall occur. If the death of the spouse occurs before the participant’s actual retirement date, any election of this option shall be deemed null and void and the retirement benefit shall be payable in the normal form, the same as if the joint and survivor annuity option had not been elected. If the spouse predeceases the retired participant after actual retirement, retirement benefit payments shall terminate upon the retired participant’s death.
A participant may elect to commence receiving distribution of retirement benefits as of the early, normal 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 § 33-98.
A. 
Distribution of benefits.
(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 subparagraph 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.
Any election permitted hereunder may be revoked or a new election may be made within any applicable election period on a form and in a manner prescribed by the plan administrator and without the knowledge or consent of any applicable beneficiary.
Each participant’s right to receive any benefits hereunder is personal 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.
[Added 12-11-2002 by Ord. No. 1548; amended 5-11-2005 by Ord. No. 1569]
A. 
This § 33-101A 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 distributes 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. 
This § 33-101B shall apply to distributions made on or after January 1, 2006. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, if a distribution in excess of $1,000 is made and the distributee does not make an election under § 33-101A and does not elect to receive the distribution directly, the plan administrator shall make such transfer to an individual retirement plan of a designated trustee or issuer pursuant to § 33-111A(9). The plan administrator shall notify the distributee in writing, within a reasonable period of time and as otherwise prescribed by law, that the distribution may be transferred to another individual retirement plan.
C. 
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 or the plan administrator, if the distributee does not make an election.
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 Internal Revenue 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 Internal Revenue Code Section 401(a); an individual retirement account described in Internal Revenue Code Section 408(a); an individual retirement annuity described in Internal Revenue Code Section 408(b); an annuity plan described in Internal Revenue Code Section 403(a); an annuity contract described in Internal Revenue Code Section 403(b); an eligible deferred compensation plan described in Internal Revenue Code Section 457(b), which is maintained by a state, political subdivision of a state, and any agency or instrumentality of a state or a political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan.
ELIGIBLE ROLLOVER DISTRIBUTION
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 Internal Revenue Code Section 401(a)(9); and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). For purposes of the direct rollover provisions in this section of the plan, a portion of the distribution shall not fail to be an eligible rollover distribution merely because the portion consists of alter-tax employee contributions that are not includible in gross income. However, such portion may only be paid to an individual retirement account or annuity described in Section 408(a) or (b) of the Internal Revenue 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 includible in gross income and the portion which is not includible.