(A) If the present value of the participant's vested accrued benefit does not exceed $5,000, and the participant has not had an annuity starting date with respect to any portion of such vested accrued benefit, the present value of the participant's entire vested accrued benefit shall be distributed as of the earliest of his retirement date or the date he has a severance from employment for any reason other than death (the date the employer provides notice to the record keeper of the Plan of such event, if later). For purposes of this section, if the present value of the participant's vested accrued benefit is zero, the participant shall be deemed to have received a distribution of such present value. This is a small amounts payment. Such small amounts payment is in full settlement of all benefits otherwise payable.
(B) In the event a participant has a severance from employment (for any reason other than death or retirement) and does not elect to have a small amounts payment paid directly to an eligible retirement plan specified by the participant in a direct rollover or to receive the distribution directly and the present value of his vested accrued benefit is greater than $1,000, a mandatory distribution will be made in accordance with § 38.091. If the present value of his vested accrued benefit is $1,000 or less, the present value of the participant's entire vested accrued benefit shall be paid directly to him.
(C) If the present value of the preretirement survivor annuity derived from the participant's accrued benefit does not exceed $5,000, on the date of the participant's death, the present value of the preretirement survivor annuity shall be distributed as of the date the participant dies. If the single sum death benefit payable to a beneficiary does not exceed $5,000, on the date of the participant's death, such death benefit shall be distributed in a single sum as of the date the participant dies. This is a small amounts payment. Such small amounts payment shall be made to the participant's beneficiary (spouse if the death benefit is payable to the spouse or domestic partner if the death benefit is payable to the domestic partner).
(D) A small amounts payment is in full settlement of the death benefit otherwise payable. No other small amounts payments shall be made. (Ord. 1806, passed 1-7-15)