§ 16-101. Lump sum payments.

(a)

Involuntary lump sum distributions. If the present value of a benefit is five thousand dollars ($5,000.00) or less and the payment of such benefit has not begun, the board of trustees may, in its sole discretion, pay the actuarial equivalent of such benefit in a lump sum, or in monthly installments, without the consent of the participant or the participant's spouse.

(b)

Interest assumption. For purposes of computing the present value of a benefit payable under this section the interest assumption to be used shall be the actuarially assumed interest rate adopted by the board of trustees.

For all amounts in excess of five thousand dollars ($5,000.00) consent of the participant or beneficiary shall be obtained prior to any such lump sum distribution.

(Ord. No. 1222, § 1, 11-18-1999)