(A) If a participant’s account is to be distributed over a period certain (and not as an annuity), the amount required to be distributed for each calendar year, beginning with the distribution(s) for the first distribution calendar year, must equal at least the quotient obtained by dividing the participant’s MDIB account by the applicable life expectancy.
(B) For each calendar year beginning after December 31, 1988, the amount to be distributed each year, beginning with any distribution(s) for the first distribution calendar year, shall be not less than the quotient obtained by dividing the participant’s MDIB account by the lesser of the applicable life expectancy or, if the participant spouse is not the designated beneficiary, the applicable divisor from the table stated under Treasury Reg. § 1.401(a)(9)-2/Q&A-4. Any distribution after the participant’s death shall be distributed using the applicable life expectancy under subsection (A) above without regard to Treasury Reg. § 1.401(a)(9)-2.
(C) The minimum distribution required for the participant’s first distribution calendar year must be made on or before the participant’s required beginning date. The minimum distribution required for other calendar years, including the minimum distribution for the distribution calendar year during which the participant’s required beginning date occurs, must be made not later than December 31 of that distribution calendar year.
(D) To the extent that all or a portion of the participant’s account is distributed in the form of an annuity purchased from an insurance company, distributions under the annuity contract shall be made according to I.R.C. § 401(a)(9), including applicable Treasury Regulations under I.R.C. § 401(a)(9).
(Ord. NIRC 97-1, passed 1-15-1997)