(a) The Plan Document established by the Board shall provide the requirements for distributions from the Plan, including distributions for financial hardship.
(b) Notwithstanding any other provisions of this section or of the Plan Document, the City may change the time or methods of distribution of benefits available under the Plan provided such changes comply with Internal Revenue Service rules and regulations. The City may, at its discretion, discharge in full obligations under the Plan to any participant, or following the death of the participant by distributing to the participant’s beneficiary or beneficiaries, an amount equal to the balance of the participant’s Investment Account plus or minus gains or losses, but less any fees and income taxes required to be withheld.
SECTION HISTORY
Added by Ord. No. 154,806, Eff. 2-13-81.
Amended by: In Entirety, Ord. No. 158,396, Eff. 11-14-83; Subsec. (a), Ord. No. 172,105, Eff. 7-14-98; Subsec. (d) added, Ord. No. 172,105, Eff. 7-14-98; In Entirety, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02.