§ 29. Mandatory Commencement Requirements.

(a)

Benefit payments shall commence no later than April 1 of the calendar year following the later of (i) the calendar year in which the Participant attains age 70½ or (ii) the calendar year in which the Participant's employment with the City terminates.

(b)

Benefits shall be paid over the lifetime of the Participant or over the lifetimes of such Participant and the designated Beneficiary at the day of death.

(c)

In the event Benefit payments have begun to a Participant and the Participant dies before his entire interest has been distributed, the remaining portion of such interest will be distributed at least as rapidly as under the method of distribution in effect prior to the death.

(d)

In the event a Participant dies prior to the commencement of distribution of Benefits, the Participant's entire Benefit:

(1)

Will be distributed within five (5) years of death; or

(2)

If payment is to be made to the Participant's designated Beneficiary, will commence within one (1) year of death and will be distributed over the Beneficiary's lifetime; or

(3)

If payment is to be made to the Participant's spouse, will commence at a date elected by the spouse which will be no later than the date the Participant would have attained age 70½ and will be distributed over a period not exceeding the spouse's lifetime.

(Ord. of 4-16-2001, § 2, Doc. #33723)