Skip to main content
Loading…
This section is included in your selections.

A member who has ceased employment with the fire department, who is eligible to receive a normal retirement benefit described in subsection 102-194(a), a delayed retirement benefit described in subsection 102-195(a), a vested retirement benefit described in subsection 102-192(a), a severance benefit described in subsection 102-193(a) or a disability benefit described in subsection 102-191 and who has not attained age 70, may elect to have payment of all or a portion of the monthly benefit otherwise payable to the member deferred to a future date no later than April 1 of the calendar year following the calendar year in which the member attains age 70½ (the "required beginning date"). Upon subsequent election of the member to begin receiving the deferred payment (but no later than the required beginning date), payment of the deferred amount shall be made in one of the forms described in subsection 102-208(d), as elected by the retiree for the deferred payment in accordance with administrative rules of the FPPA. The amount of the deferred payment shall be held in trust for investment purposes as part of the fire and police members' self-directed investments fund, subject to such rules as may be adopted for the administration of the trust. The FPPA board shall be authorized to charge a reasonable fee for administration. An eligible member may change an election to defer payments under this subsection, and may again begin or stop deferred monthly benefit payments, as permitted by administrative rules of the FPPA and as permitted by tax laws governing minimum distribution requirements of code section 401(a)(9). If the member dies before payment of all of monthly benefit payments deferred under this subsection, the amounts deferred under this subsection shall be paid in a lump sum to the beneficiary the member named for this purpose in accordance with plan procedures or, if no named beneficiary survives the member, to the member's estate. (Ord. No. 2003-32, § 1, 6-23-2003; Ord. No. 2001-68, § 6, 11-19-2001)