(a) The City shall distribute benefits under the Pension Savings Plan to a participant or his/her beneficiary only upon termination of the participant’s employment with the City or his or her retirement, disability or death.
(b) If a participant retires or terminates from City service, the full amount credited to his/her account plus or minus subsequent investment gains or losses, less any income taxes required to be withheld, shall be distributed to the Participant in a single cash payment sixty (60) days from the time of the Participant’s retirement or separation from City service. Provided however, a Participant may instead irrevocably elect, on a form provided by the City or its duly authorized agent: (i) to transfer such amount to another Eligible State Deferred Compensation Plan, (ii) defer distribution of such amount for up to 24 months pending rehire, or (iii) if such amount exceeds $3500, leave the accumulated funds in the Plan. A request to withdraw funds left in the Plan may be made at any time after retirement or separation from City service.
(c) The Participant may elect the payment option under subsection (b) only prior to the commencement of any distribution of any distribution under the Plan.
(d) No financial hardship withdrawals shall be allowed under the Plan while a Participant remains an active City employee.
(e) Distributions shall commence not later than the later of: (1) sixty (60) days after the close of the plan year in which the participant attains normal retirement age, or (2) sixty (60) days after the close of the plan year in which the participant separates from City service.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.