Current through Register Vol. 50, No. 3, March 20, 2024
A.
1.
Unless the member has elected otherwise on or before December 31, 1983, the
entire benefit of a member shall be distributed over a period not longer than
the longest of the following periods:
a. the
member's life;
b. the life of the
member's designated beneficiary or the joint and last survivor lives of the
member and his designated beneficiary;
c. the member's life expectancy;
d. the joint life and last survivor life
expectancy of the member and his designated beneficiary.
2. If the member is married and his spouse
survives him, the designated beneficiary shall be his spouse. If a member dies
after the commencement of his benefits, the remaining portion of his benefit
shall be distributed at least as rapidly as before his death.
B.
1. If the member dies before his benefit has
commenced, the remainder of such interest shall be distributed to the member's
beneficiary within five years after the date of such member's death.
2. Paragraph 1 shall not apply to any portion
of a member's benefit which is payable to or for the benefit of a designated
beneficiary or beneficiaries, over the life of or over the life expectancy of
such beneficiary, so long as such distributions begin not later than one year
after the date of the member's death, or, in the case of the member's surviving
spouse, the date the member would have attained the age of 70 1/2 years. If the
designated beneficiary is the member's surviving spouse and if the surviving
spouse dies before the distribution of benefits commences, then Paragraph 1
shall be applied as if the surviving spouse were the member. If the designated
beneficiary is a child of the member, for purposes of satisfying the
requirement of Paragraph 1, any amount paid to such child shall be treated as
if paid to the member's surviving spouse if such amount would become payable to
such surviving spouse, if alive, upon the child's reaching age 18.
3. Paragraph 1 shall not apply if the
distribution of the member's interest has commenced and is for a term certain
over a period permitted in Subsection B.
C. If a survivor benefit is payable to a
specified person or persons or if a benefit is payable at death under an option
elected pursuant to
R.S.
11:1932, the member shall be considered to
have designated such person as a designated beneficiary hereunder. If there is
more than one such person, then the oldest such person shall be considered to
have been so designated, or, if none, then the oldest person entitled to
receive a survivor benefit shall be considered to have been so designated. The
designation of a designated beneficiary hereunder shall not prevent payment to
multiple beneficiaries but shall only establish the permitted period of
payments.
D. Distributions from the
system shall be made in accordance with the requirements set forth in
Internal Revenue Code Section 401(a)(9), including the minimum
distribution incidental benefit rules applicable thereunder.
E.
1. A
member's benefits shall commence to be paid on or before the required beginning
date.
2. The required beginning
date shall be April 1 of the calendar year following the later of the calendar
year in which the member attains 70 1/2 years of age, or the calendar year in
which the employee retires. Effective for plan years beginning on or after
January 1, 1998, the required beginning date shall be April 1 of the year
following the later of the year the member attained 70 1/2 or the year he
terminated employment.
F. The provisions of this Section shall be
effective July 1, 1987.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
11:1931.
