A. 
Upon a participant's entitlement to payment of retirement benefits under § § 60-94 and 60-95 or a beneficiary's entitlement to receive payment under § 60-96, such individual shall file with the Plan Administrator a written election on such form or forms and subject to such conditions as the Plan Administrator shall provide. The election shall specify whether payment of benefits is to be made as of such entitlement or to be deferred to the extent provided in § 60-101 below and which of the methods provided below for payment of benefits would be preferred. The Plan Administrator in its sole discretion, and in accordance with the provisions of this section, but considering a participant's election, if any, shall then determine when payment of a participant's benefit is to commence and the method by which the benefits will be paid.
B. 
The Plan Administrator shall follow a participant's beneficiary designation in the case of a distribution on account of the participant's death. Payments to a participant's beneficiary shall be made or commence as soon as practicable after a participant's death.
C. 
Unless a participant elects earlier commencement of benefits, payment of the benefits under this plan shall be made or commence within 60 days after the later of:
(1) 
The end of the plan year in which the normal retirement date occurs; or
(2) 
The end of the plan year in which employment terminates.
D. 
The Plan Administrator shall distribute the amounts due from a participant's account in any one of the following methods:
(1) 
A lump sum based on the market value of the participant's account;
(2) 
In equal installments paid not less frequently than annually over a period which does not exceed the life expectancy of the participant.
A. 
A participant may elect to commence receiving distribution of retirement benefits as of the retirement date or may defer such payments to a date not later than the required date for commencement of benefits determined under § 60-101. If a participant elects immediate commencement of the retirement benefit, payments shall commence as of the retirement date.
B. 
Unless the participant otherwise elects, payment of benefits under the plan shall commence not later than 60 days following the close of the plan year in which occurs the latest of the following dates:
(1) 
The date when the participant attains normal retirement age;
(2) 
The 10th anniversary of the year in which the participant commenced participation in the plan; or
(3) 
The date when the participant terminates service with the employer.
A. 
Distribution prior to death.
(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 benefits 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.
[Added 6-19-2006 by Ord. No. 12-2006]
A. 
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. 
This § 60-101.1B 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 § 60-101.1A 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 § 60-104A(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:
(1) 
"Eligible rollover distribution" is 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 § 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 after-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 § 408(a) or (b) of the Code, or to a qualified defined contribution plan described in § 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.
(2) 
"Eligible retirement plan" is a qualified trust described in Code § 401(a), an individual retirement account described in Code § 408(a), an individual retirement annuity described in Code § 408(b), an annuity plan described in Code § 403(a), an annuity contract described in Code § 403(b), an eligible deferred compensation plan described in Code § 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.
(3) 
"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 § 414(p), are distributees with regard to the interest of the spouse or former spouse.
(4) 
"Direct rollover" is 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.