At the time prescribed for the election of his or her payout option, the participant may elect whether or not to recalculate life expectancy(s) to the extent permitted by regulations under I.R.C. § 401(a)(9)(D). If this election is not timely made, the participant is deemed to have elected the “default” method specified by the applicable investment(s) or, if no method is so specified, that no recalculation shall apply.
(Ord. NIRC 97-1, passed 1-15-1997)