Consistent with I.R.C. § 457(e)(9)(A), a participant (but not a beneficiary or alternate payee) may elect to receive a permitted distribution if the participant’s account does not exceed the amount described in I.R.C. § 457(e)(9)(A) ($3,500) and the participant has not made and the participant’s account has not received any contributions during the two-year period that ends on the date of the permitted distribution and the participant has not previously received any permitted distribution under this plan.
(Ord. NIRC 97-1, passed 1-15-1997)