Any retirement distribution shall be made according to a payout option that begins not later than the required beginning date and that provides, according to I.R.C. § 401(a)(9) and I.R.C. § 457(d)(2), that the following apply.
(A) The entire account will be distributed over the lives or over a period not extending beyond the life expectancy of the participant and his or her designated beneficiary.
(B) The amounts payable with respect to the participant will be paid at times which are not later than the times required by I.R.C. § 401(a)(9)(G) (relating to incidental death benefits).
(C) Payments over a period of more than one year can only be made (as required by I.R.C. § 457(d)(2)(C)) in substantially non-increasing amounts paid not less frequently than annually.
(D) Any remaining payments after the death of the participant shall be paid at least as rapidly as under the method of distribution being used as of the date of the participant’s death.
(Ord. NIRC 97-1, passed 1-15-1997)