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Florida Municipal Pension Trust Fund <br /> 457( b) Deferred Compensation Plan <br /> to receive his or her or its separate account under the Participant ' s Account under any <br /> Payout Option that satisfies the provisions of the Plan . <br /> 13 . 1 . 1 Deemed Distribution <br /> Upon the Participant ' s death, if the Account is not more than $ 0 (as of the date of or the <br /> Valuation Date next following the Participant ' s death), each Beneficiary shall be deemed to <br /> have received a full Death Distribution . <br /> 13 , 2 Election of Distribution Commencement Date <br /> If the Participant ' s death occurred before October 15 , 2001 , not later than 60 days after <br /> the date of the death ( and not earlier than the date of the death) , each Beneficiary may <br /> irrevocably elect to defer payment, with respect to all of his or her or its interest or to <br /> each portion of his or her or its interest that is attributable to each Investment , until a <br /> fixed 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 13 . 4 . <br /> 13 . 2 . 1 Default Distribution Commencement Date <br /> If the Participant ' s death occurred before October 15 , 2001 and a Beneficiary does not <br /> make an election required by Provision 13 . 2 , the Beneficiary shall receive payment <br /> (according to the " default" Payout Option provided by Provision 13 . 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 death . <br /> 13 . 3 Election of Payout Option <br /> If the Participant ' s death occurred before October 15 , 2001 , not later than 60 days before <br /> the Distribution Commencement Date , the Beneficiary shall irrevocably elect a Payout <br /> Option that satisfies the requirements of Provision 13 . 4 . <br /> 13 .3 . 1 Default Payout Option <br /> If the Participant ' s death occurred before October 15 , 2001 and a Beneficiary does not <br /> make an election required by Provision 13 . 3 , the Distribution shall be paid as a cash lump <br /> sum. <br /> 13 .4 Minimum distribution <br /> Any Death Distribution shall begin no later than the Required Beginning Date , and the <br /> Account shall be distributed in compliance with IRC § 401 (a) (9 ) . <br /> 14 . Direct Rollover <br /> Florida Municipal Pension Trust Fund <br /> Florida League of Cities, Inc . <br /> Page 39 <br /> 02/01 /2009 <br />