RES 81140 - Laserfiche WebLink

Installment distributions shall be in approximately equal installments which shall be intended to exhaust the balance due Participant or Beneficiary at the expiration of the term over which they will be made. Such installment amounts may be adjusted from time to time to take into consideration gains or losses, if any, from funds invested. Notwithstanding the foregoing, if any method elected by the Participant shall result in installment payments of less than $25, the Employer whall make payments on an annual basis aggregating installments otherwise due; or if the balance due Participant or Beneficiary is less than $1,000. Employer shall discharge its obligation by a lump sum payment. Retirement, Disability, or other Termination - The full benefits credited to the Participant's IDC Account, plus or minus investment gains or losses, but less any Federal or State taxes required to be withheld, shall be distributed to a Participant in any one of more of the following ways, as pre-etected at time of enrollment: 7,1 (a) In a lump sum. 7.1 (b) In monthly, quarterly, or annual payments for a designated period of not less than one year and not more than the lesser or 15 years or the remaining years of the Participant's life expectancy, determined by the City Manager in accordance with standard mortality tables recognized for that purpose. 7.1 (c) In payments, under 7.1(a) and 7.1(b) above, postponed by pre-election at time of enrollment until Participant reaches the age pre-elected (not less than 50), or postponed to January of the next year following the year in which Retirement, Disability, or other Termination occurs. 7.2 Death - In event of the death of any participant, either before or after termination of employment, then the full benefits credited to his book account, less any Federal o~ State w~thholding Taxes required by law, shall be distributed to his beneficiaries in the manner designated in the participant's Participation Agreement, -5-