(a) Generally. To the extent that there is a conflict between the provisions of § 401(a)(9) of the Internal Revenue Code, and the regulations thereunder, and any provision in the plans, the provisions of § 401(a)(9) of the Internal Revenue Code and the regulations thereunder will control. The plans will apply the minimum distribution requirements of § 401(a)(9) of the Internal Revenue Code in accordance with the temporary and final regulations under § 401(a)(9) that were released in April 2002, notwithstanding any provision of this article to the contrary.
(b) Commencement of benefits.
(1) The distribution of benefits to a participant who continues employment with the employer beyond the participant's normal retirement date shall begin by the first day of April following the later of: (1) the calendar year in which the participant attains age seventy and one-half (70-1/2) or (2) the calendar year in which the participant's employment is terminated.
(2) In the case of a participant whose distributions commence or recommence later than the first day of April of the calendar year following the calendar year in which such participant attains age seventy and one-half (70-1/2), such participant's accrued benefit shall be adjusted actuarially, in accordance with § 5-1-101(6), to take into account the period after age seventy and one-half (70-1/2) during which such participant did not receive any distributions hereunder.
(c) Death distribution provisions.
(1) Death after distribution. If the participant dies after distribution of his or her interest has begun, the remaining portion of the participant's interest, if any, will be distributed in the same form as the participant's interest was being paid prior to the participant's death.
(2) Death before distribution. If the participant dies before distribution of his or her interest has begun, any benefits payable because of the participant's death will be distributed pursuant to the death benefit provisions of the applicable plan. If the participant's spouse is not the beneficiary, the method of distribution shall satisfy the incidental death benefit requirements specified in § 401(a)(9)(G) of the Internal Revenue Code and the regulations thereunder.
(d) Controlling authority. The provisions of Internal Revenue Code § 401(a)(9) and the regulations issued under that section shall control over any other inconsistent provisions in this article.
(1985 Code, Art. 7, § 1-404) (Bill No. 90-01; Bill No. 92-08)