Laserfiche WebLink
Florida Municipal Pension Trust Fund <br /> 457(b) Deferred Compensation Plan <br /> each Investment, to defer payment of his or her Deferred Compensation until a fixed <br /> future time [the " Distribution Commencement Date "] that is consistent with the <br /> provisions of the elected Payout Option and that is at least 75 days after the date that the <br /> election is made and that is consistent with the requirements of provision 12 . 4 <br /> ["Minimum distribution " ] . <br /> 12 . 2 . 1 Default Distribution Commencement Date <br /> If the Participant ' s Severance occurred before October 15 , 2001 and the Participant does <br /> not make an election required by Provision 12 . 2 , the Participant shall receive payment <br /> ( according to the " default" Payout Option provided by Provision 12 . 3 . 1 ) on the first <br /> business day of the calendar month that commences not earlier than 90 days and not later <br /> than 120 days after the date of the Participant ' s Severance , or the earlier date that is <br /> necessary to satisfy the requirements of Provision 12 . 4 . <br /> 12 . 2 . 2 Election to defer Distribution Commencement Date <br /> Consistent with IRC § 457 (e)( 9) (B ) , if the Participant has elected ( or is deemed to have <br /> elected) a Distribution Commencement Date , the Participant may elect a later <br /> Distribution Commencement Date if the Participant has not made any previous election <br /> under this sentence . <br /> 12 .3 Election of Payout Option <br /> If the Participant ' s Severance occurred before October 15 , 2001 , not later than 60 days <br /> before the Distribution Commencement Date , the Participant shall irrevocably elect a <br /> Payout Option that satisfies the requirements of Provision 12 . 4 . <br /> 12 .3 . 1 Default Payout Option <br /> If the Participant ' s Severance occurred before October 15 , 2001 and the Participant does <br /> not make an election required by Provision 12 . 3 , the Distribution shall be paid as a cash <br /> lump sum of the amount or cash value of all Investments held for the Participant ' s <br /> Account. <br /> 12 . 4 Minimum distribution <br /> Any Retirement Distribution shall be made according to a Payout Option that begins not <br /> later than the Required Beginning Date and that meets the requirements of <br /> IRC § 401 (a) (9 ) and IRC § 457 (d ) (2 ) . <br /> 13 . Death Distribution <br /> 13 . 1 Death Distribution <br /> Upon the Participant ' s death before a Retirement Distribution has begun , each <br /> Beneficiary is entitled (not earlier than the applicable Distribution Commencement Date) <br /> Florida Municipal Pension Trust Fund <br /> Florida League of Cities , Inc . <br /> Page 38 <br /> 02201 /2009 <br />