Fort Walton Beach Resolution — 2009-45 - Establish Defined Plan after 1/10 — reading text

beginning date. For distributions beginning after the Participant's death, the first distribution calendar year is the calendar year in which distributions are required to begin under Section 10. 02( b). The required minimum distribution for the Participant's first distribution calendar year will be made on or before the Participant's required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant's required beginning date occurs, will be made on or before December 31 of that distribution calendar year. a)( c) Life Expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401( 9)- 9, Q&A- 1, of the regulations. d) Participants Account Balance. The Account Balance as of the last Accounting Date in the calendar year immediately preceding the distribution calendar year ( valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the Account Balance as of dates in the valuation calendar year after the Accounting Date and decreased by distributions made in the valuation calendar year after the Accounting Date. The Account Balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year. e) Required Beginning Date. The Required Beginning Date of a Participant is April 1 of the calendar year following the later of the calendar year in which the Participant attains age seventy and one- half 70- 1/2), or the calendar year in which the Participant retires. XI. MODES OF DISTRIBUTION OF BENEFITS 11.01 Normal Mode of Distribution. Unless an elective mode of distribution is elected as provided in Section 11. 02, benefits shall be paid to the Participant in the form of a lump sum payment. Notwithstanding the foregoing, where the Employer made the " QJSA Election" in the Adoption Agreement, unless an elective mode of distribution is elected in accordance with Article XVII, benefits shall be paid to the Participant in the form provided for in Article XVII. 19  11.02 Elective Mode of Distribution. Subject to the requirements of Articles X, XII and XVII, a Participant may revocably elect to have his/ her Account distributed in anyone (1) of the following modes in lieu of the mode described in Section 11. 01: a) Equal Payments. Equal monthly, quarterly, semi- annual, or annual payments in an amount chosen by the Participant continuing until the Account is exhausted. b) Period Certain. Approximately equal monthly, quarterly, semi- annual, or annual payments, calculated to continue for a period certain chosen by the Participant. c) Other. Any other sequence of payments requested by the Participant. d) Lump Sum. Where the Employer did make the Q]SA Election in the Adoption Agreement, a Participant may also elect a lump sum payment. 11.03 Election of Mode. A Participant's election of a payment option must be made in writing between thirty (30) and ninety (90) days before the payment of benefits is to commence. 11.04 Death Benefits.Subject to Article X (and Article XII or XVII if so elected by the Employer in the Adoption Agreement), a) In the case of a Participant who dies before he/ she has begun receiving benefit payments, the Participant's entire Nonforfeitable Interest shall then be payable to his/ her Beneficiary within ninety 90) days of the Participant's death. A Beneficiary who is entitled to receive benefits under this Sec- tion may elect to have benefits commence at a later date, subject to the provisions of Article X. The Beneficiary may elect to receive the death benefit in any of the forms available to the Participant under Sections 11. 01 and 11. 02. If the Beneficiary is the Participant's surviving spouse, and such surviving spouse dies before payment commences, then this Section shall apply to the beneficiary of the surviving spouse as though such surviving spouse were the Participant. b) Should the Participant die after he/ she has begun receiving benefit payments, the Beneficiary shall receive the remaining benefits, if any, that are payable, under the payment schedule elected by the Participant. Notwithstanding the foregoing, the Beneficiary may elect to accelerate payments of the remaining balances, including but not limited to, a lump sum distribution. XII. SPOUSAL DEATH BENEFIT REQUIREMENTS 12. 01 Application. Unless otherwise elected by the Employer in the Adoption Agreement, on or after January 1, 2006, the provisions of this Article shall take precedence over any conflicting provision in this Plan. The provisions of this Article, known as the " Beneficiary Spousal Consent Election," shall apply to any Participant who is credited with any Period of Service with the Employer on or after August 23, 1984, and such other Participants as provided in Section 12. 04. 12. 02 Spousal Death Benefit. a) On the death of a Participant, the Participant's Vested Account Balance will be paid to the Participant's Surviving Spouse. If there is no Surviving Spouse, or if the Participant has waived the spousal death benefit, as provided in Section 12. 03, such Vested Account Balance will be paid to the Participant's designated Beneficiary. b) The Surviving Spouse may elect to have distribution of the Vested Account Balance commence within the ninety ( 90) day period following the date of the Participant' s death, or as otherwise provided under Section 11. 04. The Account balance shall be adjusted for gains or losses occurring after the Participant's death in accordance with the provisions of the Plan governing the adjustment of Account balances for other types of distributions. 20  12. 03 Waiver of Spousal Death Benefit. The Participant may waive the spousal death benefit described in Section 12. 02 at any time; provided that no such waiver shall be effective unless: a) the Participant's Spouse consents in writing to the election; b) the election designates a specific Beneficiary, including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent ( or the Spouse expressly permits designations by the Participant without any further spousal consent); c) the Spouse's consent acknowledges the effect of the election; and d) the Spouse' s consent is witnessed by a Plan representative or notary public. If it is established to the satisfaction of a Plan representative that there is no Spouse or that the Spouse cannot be located, a waiver will be deemed to meet the requirements of this Section. Any consent by a Spouse obtained under this provision ( or establishment that the consent of a Spouse may not be obtained) shall be effective only with respect to such Spouse. A consent that permits designations by the Participant without any requirement of further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary, and a specific form of benefit where applicable, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. 12. 04 Definitions. For the purposes of this Section, the following definitions shall apply: a) Spouse ( Surviving Spouse): The Spouse or Surviving Spouse of the Participant, provided that a former Spouse will be treated as the Spouse or Surviving Spouse and a current Spouse will not be treated as the Spouse or Surviving Spouse to the extent provided under a qualified domestic relations order as described in section 414( p) of the Code; and b) VestedAccount Balance: The aggregate value of the Participant's vested Account balances derived from Employer and Employee contributions ( including rollovers), whether vested before or upon death, including the proceeds of insurance contracts, if any, on the Participant's life. The provisions of this Article shall apply to a Participant who is vested in amounts attributable to Employer Contributions, Employee contributions ( or both) at the time of death or distribution. XIII. LOANS TO PARTICIPANTS 13. 01 Availability of Loans to Participants. a) If the Employer has elected in the Adoption Agreement to make loans available to Participants, a Participant may apply for a loan from the Plan subject to the limitations and other provisions of this Article. b) The Employer shall establish written guidelines governing the granting of loans, provided that such guidelines are approved by the Plan Administrator and are not inconsistent with the provisions of this Article, and that loans are made available to all Participants on a reasonably equivalent basis. 13. 02 Terms and Conditions of Loans to Participants. Any loan by the Plan to a Participant under Section 13. 01 of the Plan shall satisfy the following requirements: a) Availability. Loans shall be made available to all Participants on a reasonably equivalent basis. 21 b) Nondiscrimination. Loans shall not be made to highly