If the participant does not so elect, the participant shall receive payment (according to the “default” payout option provided by § 34.038) on the first business day of the calendar month that commences not earlier than 90 days and not later than 120 days after the date of the participant’s separation- from-service, or the earlier date that is necessary to satisfy the requirements of § 34.040.
(Ord. NIRC 97-1, passed 1-15-1997)