3-13C-13. Required minimum distributions--General rule.
The system shall pay all benefits in accordance with a good faith interpretation of the requirements in § 401(a)(9) of the Internal Revenue Code and the regulations in effect under that section, as applicable to a governmental plan within the meaning of § 414(d) of the Internal Revenue Code.
The member's entire interest shall be distributed, or begin to be distributed, by the required beginning date, which is April first of the calendar year following the later of:
(1)The calendar year in which the member reaches age seventy-two, or age seventy and one-half if the member attained age seventy and one-half before January 1, 2020; or
(2)The calendar year in which the member retires.
A member or beneficiary eligible for benefits shall apply for benefits in order to commence distribution of benefits. The system, pursuant to a qualified domestic relations order, may establish separate benefits for a member and alternate payee.
Source: SL 2020, ch 13, § 20; SL 2021, ch 28, § 20.