§ 5.18.160. Distributions on Death.  


Latest version.
  • A.

    Upon the Participant's death prior to distribution, the Participant's Beneficiary is eligible to receive the entire balance in the Participant's account in a single lump-sum payment. To request a distribution under the Plan, the Beneficiary shall submit an application for benefits to the Administrative Committee, furnishing such information as the Administrative Committee or its duly authorized Agent may require. Distributions hereunder shall be made as soon as administratively practicable after the Beneficiary's application is filed pursuant to this subsection and approved by the Administrative Committee.

    B.

    Notwithstanding subsection A of this Section, even if a Beneficiary does not file an application, the Administrative Committee may distribute the Participant's Account balance to the Beneficiary, without his or her consent, as soon as administratively practicable following the notice to the Administrative Committee of the Participant's death.

    C.

    Notwithstanding any provision of the Plan to the contrary, distributions will be made by the Required Beginning Date in accordance with Code section 401(a)(9) and the regulations thereunder and Section 5.18.18. Such provisions shall override any inconsistent distribution election.

(Ord. 2004-0063 § 1 (part), 2004.)