§ 16-94. Payment of benefits.

(a)

Payment of benefits.

(1)

Frequency of payments. Pension benefits shall be paid monthly.

(2)

First payment. The first payment shall begin on the first day of the month on which or after the participant meets the requirements of section 16-91(a) (right to pension benefits), provided that in no event may a member's retirement benefit be delayed beyond the latter of the April 1 following the calendar year in which they attain age seventy and one-half (70½) or April 1 of the year following the calendar year in which they retire. Distributions under this plan will be made in accordance with regulations under Internal Revenue Code Section 401(a) (9). Provisions of Internal Revenue Code Section 401(a) (9) shall override any distribution options in the plan that may be inconsistent with such section.

(3)

Last payment. The last payment shall be the month coincident with the death of the participant (or survivor, if applicable) or later, depending on the form of benefit selected.

(Ord. No. 1222, § 1, 11-18-1999)