Fort Walton Beach Council agenda — 02-08-11 regular — reading text

0 WIL of E V M Q ova S-/- ---- W== zJMW-- s • 1 • - 1 - - - • - r I of f Mal I Mal Page 28 of 53 Pages  w N i• r motler pmwp-w f . - - - r - i : - - - - - - - IIILTI I WWj IFIVIIIIIN&W IVW : i • r i :: i •• Ain tWOLVI ISLO ILWI 91MI :' 11 Me 1 IWIN RINS M& VISIVAN WIN 9 8 MINI 0 KI 0 5 19,19 14 LVJ : ir' CC t0t0 CLCL 1.1. GeneralGeneral Rules.Rules. CC 00 yy A.A. EffectiveEffective asas ofof JanuaryJanuary 1,1, 1989,1989, thethe PlanPlan willwill paypay allall benefitsbenefits EffectiveEffective Date.Date. asas inin accoraccor anceance withwith aa goodgood faithfaith interpretation interpretation ofof thethe requirementsrequirements ofof CodeCode aa SectionSection 401(401( a)(a)( 9)9) andand thethe regulations regulations inin effecteffect underunder thatthat section,section, asas WW ULUL applicableapplicable toto aa governmentalgovernmental planplan withinwithin thethe meaningmeaning ofof CodeCode SectionSection MM 414(414( d).d). Effective Effective onon andand afterafter JanuaryJanuary 1,1, 2003,2003, thethe PlanPlan isis alsoalso subjectsubject toto thethe atat specificspecific provisionsprovisions containedcontained inin thisthis Section.Section. TheThe provisionsprovisions ofof thisthis SectionSection RR willwill applyapply forfor purposespurposes ofof determiningdetermining requiredrequired minimumminimum distributionsdistributions forfor 00 calendarcalendar yearsyears beginningbeginning withwith thethe 20032003 calendarcalendar year.year. MM CoCo B.B. Precedence.Precedence. TheThe requirementsrequirements ofof thisthis SectionSection willwill taketake precedenceprecedence overover anyany asas inconsistentinconsistent provisionsprovisions ofof thethe Plan.Plan. vv MM C.C. TEFRATEFRA SectionSection 242(242( b)(b)( 2)2) Elections.Elections. NotwithstandingNotwithstanding thethe otherother provisions provisions ofof thisthis Section Section otherother thanthan thisthis susu sectionsection l.l. C.,C., distributionsdistributions maymay bebe mademade LL OO underunder aa designationdesignation mademade beforebefore JanuaryJanuary 1,1, 1984,1984, inin accordanceaccordance withwith SectionSection TT 242(242( b)(b)( 2)2) ofof thethe TaxTax EquityEquity andand FiscalFiscal Responsibility Responsibility ActAct( ( TEFRA)TEFRA) andand thethe provisions provisions ofof thethe planplan thatthat relatedrelated toto SectionSection 242(242( b)(b)( 2)2) ofof TEFRA.TEFRA. titi 2.2. TimeTime andand MannerManner ofof Distribution.Distribution. MM 0000 A.A. Required Required BeginningBeginning Date.Date. TheThe Member'Member' ss entireentire interestinterest willwill bebe distributeddistributed LL OO oror eginegin toto bebe distributed,distributed, toto thethe MemberMember nono laterlater thanthan thethe Member'Member' ss requiredrequired beginningbeginning datedate whichwhich shallshall notnot bebe laterlater thanthan AprilApril II ofof thethe calendarcalendar yearyear asas followingfollowing thethe laterlater ofof thethe calendarcalendar yearyear inin whichwhich thethe MemberMember attainsattains ageage EE zz seventyseventy andand oneone ( ( 7070 1/1/ 2)2) oror thethe calendarcalendar yearyear inin whichwhich thethe MemberMember - - halfhalf vv terminatesterminates emnlovment emnlovment withwith thethe City.City. B.B. DeathDeath ofof MemberMember BeforeBefore DistributionsDistributions BeBe in.in. IfIf thethe MemberMember diesdies beforebefore distributionsdistributions begin,begin, thethe Member'Member' ss entireentire interestinterest willwill bebe distributed,distributed, oror beginbegin toto bebe distributeddistributed nono laterlater thanthan asas follows:follows: IfIf thethe Member'Member' ss survivingsurviving spousespouse isis thethe Member'Member' ss solesole designateddesignated beneficiary,beneficiary, thenthen distributionsdistributions toto thethe survivingsurviving spousespouse willwill beginbegin byby DecemberDecember 3131 ofof thethe calendarcalendar yearyear immediatelyimmediately followingfollowing thethe calendarcalendar yearyear inin whichwhich thethe MemberMember died,died, oror byby aa datedate onon oror beforebefore DecemberDecember 3131 ofof thethe calendar calendar yearyear inin whichwhich thethe MemberMember wouldwould havehave attainedattained ageage 701/701/ 2,2, ifif later,later, asas thethe survivingsurviving spousespouse elects.elects. PagePage 2929 ofof 5353 PagesPages  If the Member's surviving spouse is not the Member's sole designated beneficiary, then, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died. If there is no designated beneficiary as of September 30 of the year following the year of the Member's death, the Member's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of