Fort Walton Beach Council agenda — 02-22-11 regular — reading text

under the incidental death benefit requirement of Code Section 401( a)( 9)( G), and effective for any annuity commencing on or after January 1, 2008, the minimum distribution incidental benefit rule under ti Treasury Regulation Section 1. 401( a)( 9) -6, Q & A -2. M CO r B. The death and disability benefits provided by the Plan are limited by the L 0 incidental benefit rule set forth in Code Section 401( a)( 9)( G) and Treasury Regulation Section 1. 401- 1( b)( 1)( 1) or any successor regulation thereto. As C 0 a result, the total death or disability benefits payable may not exceed 25% of E s the cost for all of the Members' benefits received from the retirement system. a 5. Definitions. a A. Designated Beneficia . The individual who is designated as the beneficia under the Plan an is t e designated beneficiary under Section 401( a)( 9) of the Code and Section 1. 401( a)( 9) - 1, Q & A -4, of the Treasury regulations. B. Distribution Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the Member's death, the first distribution calendar year is the calendar year immediately Page 31 of 53 Pages  12. 1. a' receding the calendar vear which contains the Member's reauired beainni distribution calendar year is the calendar year in which distributions are required to begin pursuant to Section 7. SECTION 19 8. MISCELLANEOUS PROVISIONS. I, i si• .. tilfiiiiilfi _ bik Ito 1- 111 W-0 9-1110111.11,11 Iwo's mp_ I I Ill to 111,11 NO I twig Off. 1 figlgklVN7& VJMPIVJI so WRO 1111a,211111 or.I EIKVIMIN OLVAOLUJORIN N'KVJ= 99 LWWj 11111 William i : • •: W11K : : : • • a 0 N 11= 4 IRWIN IMNLvtgiVA I LvWWj IlLvmlLwjKwgpklvivA d CL IN - UL UL as 114 JLVIJ : : . 1141 Ill 11 RVMQILWMWP. E M I ti I a Ill viloft- To row I molivimoulLyLun qlt* IGW-d 111111111tol tZ4111111111 I LIVINVA t" I 11191" lkmvq still MRIL" I= 1111" I Ill tall 1248 M CO r V C C L JU%] Lft" o 1919 EFAVJ • :: LVIIEILVMIII tq1I •: , 1111 NILUJ# Ill will 9 AU r r Met" I : • • • MILWJ spurk-alet" I : r 11 1: lf i• 11l • lA 1:l IRR•1R 1/ u stem •: 11 IRGWWM -•- - ILIMBIM RRN'.Wv* Ni" t :• : : M. roReLlowe Lem I- 1111,11I getwilagin - - Page 32 of 53 Pages  r i r• r r i . - r i r r i i r i r r i r Nag i - i - ,•- r - i i i i i i r : iir i t r i i i i Wr r 1. Interest of Members in System. All assets of the Fund are held in trust, and at no time prior to the satisfaction of all c liabilities under the System with respect to Retirees and Members and their Spouses or Benefici- a aries, shall any part of the corpus or income of the Fund be used for or diverted to any purpose other c than for their exclusive benefit. 0 c a No Reduction of Accrued Benefits. a No amendment or ordinance shall