(a) In the event of total disability of a participant while an employee of the City, the City shall distribute the entire balance of the participant’s account in accordance with Sec. 4.1606. For purposes of this section, a participant shall be considered totally disabled if the participant is unable to engage in any substantial employment by reason of any medically determinable physical or mental impairment. Any determination of a participant’s total disability shall be at the discretion of the City.
(b) In the event of the death of the participant while the participant is an employee of the City, the City shall cause to be paid to the participant’s beneficiary or beneficiaries the full amount of compensation credited to the participant’s Investment Account less fees plus or minus subsequent gains or losses, but less any income taxes required to be withheld, in one or more of the following methods to be selected at the discretion of the City: (i) consecutive monthly payments for a number of months not less than six (6) and not more than one hundred and eighty (180), (ii) consecutive monthly payments for the life of the participant’s beneficiary or beneficiaries except that this option shall be available for spouses only, or (iii) a single payment. Total benefits distributed shall not exceed the sum of the amounts deferred by the participant plus or minus gains or losses, but less any income taxes required to be withheld.
(c) In the event of the death of the participant subsequent to termination of employment but prior to receipt of all amounts due under the Plan, the City shall cause to be paid to the participant’s beneficiary or beneficiaries the balance, if any, in the participant’s Investment Account which would have been paid to the participant in one or more of the methods provided in Subsection (b) of this section. The method of disbursement shall be at the discretion of the City.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.