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10/11/2022
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10/11/2022
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Last modified
12/12/2022 10:51:24 AM
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12/12/2022 10:22:39 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
10/11/2022
Meeting Body
Board of County Commissioners
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6.3 Distributions on Account of Participant's Death <br />Upon receipt of satisfactory proof of the Participant's death, the designated Beneficiary may file <br />a request with the Administrator to elect a form of benefit provided under Section 6.5 and made <br />in a manner that meets the requirements of Section 6.6. <br />(a) Death of Participant Before Distributions Begin. If the Participant dies before his or her <br />distributions begin, the designated Beneficiary may elect to have distributions to be made <br />(i) in full within 5 years of the Participant's death (5 -year rule) or (ii) in installments over <br />the designated Beneficiary's "life expectancy" (life expectancy rule). <br />If the designated Beneficiary does not make an election by September 30 of the year <br />following the year of the Participant's death, the Participant's Account Balance will be <br />distributed in a lump sum payment by December 31 of the calendar year containing the <br />fifth anniversary of the Participant's death or if the Participant's spouse is the sole <br />designated Beneficiary by December 31 of the year the Participant would have attained <br />age 70 r/2. <br />(b) Death of Participant On or After Date Distributions Begin. If the Participant dies on or <br />after his or her distributions began, the Participant's Account Balance shall be paid to the <br />Beneficiary at least as rapidly as under the payment option used before the Participant's <br />death. <br />For purposes of this Section, a Participant who dies on or after January 1, 2007, while <br />performing qualified military service (as defined in Code Section 414(u)) will be deemed to have <br />resumed employment in accordance with the Participant's reemployment rights under chapter 43 <br />of title 38, United States Code, on the day preceding death and to have terminated employment <br />on the actual date of death for purposes of determining the entitlement of the Participant's <br />survivors to any additional benefits (other than benefit accruals relating to the period of qualified <br />military service) provided under the Plan, in accordance with the provisions of Code Sections <br />401(a)(37), 414(u)(9), and 457(g)(4). <br />6.4 Distribution of Small Account Balances Without Participant's Consent <br />Notwithstanding any other provision of the Plan to the contrary, if the amount of a Participant's <br />or Beneficiary's Account Balance is not in excess of the amount specified below on the date that <br />payments commence under Section 6.2 or on the date the Administrator is notified of the <br />Participant's death, the Administrator may direct payment without the Participant's or <br />Beneficiary's consent as soon as practicable following the Participant's retirement, death, or <br />other Severance from Employment. <br />(a) The Plan does not provide for distribution of small Account Balances without Participant <br />or Beneficiary consent. <br />15 <br />Specimen 457(b) Plan Document <br />Deferred Compensation Plan <br />47 <br />
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