At the time prescribed for the election of his, her or its payout option, each beneficiary may elect whether or not to recalculate life expectancy to the extent permitted by regulations under I.R.C. § 401(a)(9)(D). If this election is not timely made, the beneficiary 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)