2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

121 Interest at the rate prescribed in Section 415 of the Internal Revenue Code of 1986 and the regulations and other guidance published thereunder. (cl Notwithstanding any other provision of this article. a member shall be fully vested in his retirement allowance upon the attainment of his normal retirement date dec. 30-137. - Required minimum distributions On and after January 1 1989 the retirement allowance of a member who has terminated em lovment shall begin no later than the later of (il April 1 of the calendar year following the calendar year that the member attains seventy and one-half years of age or (iil April 1 of the calendar year followin~_the calendar year in which the member terminates employment If the member fails. following reasonable notification. to elect a form of payment by such required beginning date. the retirement allowance shall be paid as a single life annuity Notwithstandin any other provision of law. Section 401(al(91 of the Internal Revenue Code including as such section is amended or renumbered or any successor provision thereto and the regulations thereunder applicable to governmental plans are incorporated by reference Sec 30-13$ -Rollover rules Notwithstanding any other provision of this chapter to the contrary that would otherwise limit a distributee's election. a distributee may elect. at the time and in the manner prescribed by the board. to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distrbutee in a direct rollover. The terms "eligible rollover distribution". "eligible retirement plan" and "distrbbutee" have the meanings prescribed by Section 401(al(311 of the Internal Revenue Code (including as such sect;nn ;s amenrierl nr renumbered. or any successor provision theretol and the regulations thereunder as may be amended. Such terms shall include non-spouse designated beneficiaries and inherited individual retirement accounts in accordance with Section 402(cl(111 of the Internal Revenue Code (as such section may be amended or renumbered. or any successor provision theretol and the regulations thereunder applicable to governmental plans. In the event of a mandatory cash-out as that term is defined under the Internal Revenue Code and the regulations thereunder applicable to governmental plans. greater than $1.000. if the member does not elect to have such distribution paid directly to an eligible retirement plan specified_ by the member in a direct rollover or to receive the distribution directly in accordance with this section. then the board shall pay the distribution in a direct rollover to an individual retirement plan designated by the board that satisfies the safe harbor provision of Code of Vir inia. & 51.1-124.30.F and such provisions shall be interpreted and administered in accordance therewith Sec 30-139 -Military service (al Notwithstanding any provision of this article to the contrary benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(ul of the Internal Revenue_ Code of 1986. as amended_ and. the i 1n;fnrmerl CP,-~;~P~ Employment and Reemployment Rights Act of 1994 (USERRAI. A-7