(A) Notwithstanding any other provision of this system to the contrary, a form of retirement income payable from this system after the effective date of this subchapter, shall satisfy the following conditions.
(B) (1) If the retirement income is payable before the member's death:
(a) It shall either be distributed or commence to the member not later than April 1 of the calendar year following the later of the calendar year in which the member attains age 70½, or the calendar year in which member retires;
(b) The distribution shall be paid;
1. Over the life of the member or over the lifetimes of the member and spouse, issue or dependent, or
2. Over the period extending not beyond the life expectancy of the member and spouse, issue or dependent.
(2) Where a form of retirement income payment has commenced in accordance with the preceding divisions and the member dies before his or her entire interest in the system has been distributed, the remaining portion of such interest in the system shall be distributed no less rapidly than under the form of distribution in effect at the time of the member's death.
(C) If the member's death occurs before the distribution of his or her interest in the system has commenced, the member's entire interest in the system shall be distributed within five years of the member's death, unless it is to be distributed in accordance with the following rules:
(1) The member's remaining interest in the system is payable to his or her spouse, issue or dependent;
(2) The remaining interest is to be distributed over the life of the spouse, issue or dependent or over a period not extending beyond the life expectancy of the spouse, issue or dependent; and
(3) Such distribution begins within one year of the member's death unless the member's spouse shall receive the remaining interest in which case the distribution need not begin before the date on which the member would have attained age 70½ and if the spouse dies before the distribution to the spouse begins, this section shall be applied as if the spouse were the member.
(Ord. O-2010-30, passed 70-21-10)