§ 6-92. Distribution Requirements.

(a)

The requirements of this section shall apply to the distribution of all benefits under this Act, 1927 Ga. Laws, page 265, as amended, and will take precedence over any inconsistent provisions of this Act.

(b)

All distributions required under this section will be determined and made in accordance with section 401(a)(9) of the U.S. Internal Revenue Code (the 'Code'), including the incidental death benefit requirements of Code section 401 (a)(9)(G), and the regulations thereunder.

(c)

The entire benefit of an officer or employee under this act will be distributed beginning not later than his required beginning date over the life of such officer or employee or, if applicable, over the lives of such officer or employee and a designated beneficiary. `Required beginning date' shall mean April 1 of the calendar year following the later of (1) the calendar year in which the officer or employee attains age 70½ or (2) the calendar year in which the officer or employee terminates employment.

(d)

If the distribution of a benefit has begun in accordance with subsection (c) above and the officer or employee dies before his entire benefit has been distributed to him, the remaining portion of such benefit will be distributed at least as rapidly as under the method of distribution being used as of the date of his death.

(e)

If an officer or employee dies before the distribution of his benefit has begun in accordance with subsection (c) above, his interest will be distributed to his designated beneficiary (as defined in Code section 401(a)(9)(E)) over a period not extending beyond the life or life expectancy of such beneficiary, beginning not later than December 31 of the calendar year following the calendar year of the officer's or employee's death. If such benefit is payable to (or for the benefit of) his or her surviving spouse or domestic partner, the date on which the distributions are required to begin shall not be earlier than December 31 of the calendar year in which the officer or employee would have attained age 70½. If the spouse or domestic partner dies before the distribution to such spouse or domestic partner is made or begun, this subsection (e) shall be applied as if the surviving spouse or domestic partner were the officer or employee.

(f)

If an officer or employee dies before the distribution of his benefit has begun in accordance with the foregoing provisions of this section and the officer or employee does not have a designated beneficiary (as defined in Code section 401(a)(9)(E)), the officer's or employee's benefit, if any, shall be distributed in a single lump-sum payment by December 31 of the year in which occurs the five-year anniversary of the officer's or employee's death."

(Ord. No. 2004-84, § I(2), 11-16-04; Ord. No. 2004-87, § 2, 12-10-04; Ord. No. 2006-12, § 3, 3-23-06)

Note— Section 12 of Ord. No. 2004-87 provided for an effective date for this section of Jan. 1, 1997.