Not later than 60 days after the date of the death (and not earlier than the date of the death), each beneficiary may irrevocably elect to defer payment, with respect to all of his, her or its interest or to each portion of his, her or its interest that is attributable to each investment, until a fixed future time (the “distribution commencement date”) that is consistent with the provisions of the elected payout option and that is at least 75 days after the date that the election is made and that is consistent with the requirements of § 34.064.
(Ord. NIRC 97-1, passed 1-15-1997)