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Chapter 12. Distributions And Rollovers of California Government Code >> Division 5. >> Title 2. >> Part 8. >> Chapter 12.
Notwithstanding any other provision of this part, a
participant or beneficiary shall not be permitted to elect a
distribution under this part that does not satisfy the requirements
of paragraph (9) of subsection (a) Section 401 of Title 26 of the
United States Code, including the incidental death benefit
requirements of subparagraph (G) of paragraph (9) of subsection (a)
of Section 401 and the regulations thereunder. The required beginning
date of distributions that reflect the entire interest of the
participant shall be as follows:
(a) In the case of a lump sum distribution to the participant, the lump sum payment shall be made not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(b) In the case of a distribution to the participant in the form of periodic payments, payment shall begin not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(c) In the case of a benefit payable on account of the participant' s death after distributions to the participant have commenced in the form of periodic payments, the remainder of the participant's account shall be distributed at least as rapidly as if the participant had not died.
(d) In the case of a benefit payable on account of the participant' s death before distributions to the participant have commenced, distributions shall be paid no later than December 31 of the calendar year in which the fifth anniversary of the participant's date of death occurs unless the benefit is paid over a period not extending beyond the life expectancy of the beneficiary and distributions commence not later than December 31 of the calendar year immediately following the calendar year in which the participant died, or in the event that the beneficiary is the participant's spouse, distributions must commence on or before the later of either:
(1) December 31 of the calendar year immediately following the calendar year in which the participant dies.
(2) December 31 of the calendar year in which the participant would have attained the age of 70 1/2 years.
(a) In the case of a lump sum distribution to the participant, the lump sum payment shall be made not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(b) In the case of a distribution to the participant in the form of periodic payments, payment shall begin not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age of 70 1/2 years or the calendar year in which the participant terminates employment.
(c) In the case of a benefit payable on account of the participant' s death after distributions to the participant have commenced in the form of periodic payments, the remainder of the participant's account shall be distributed at least as rapidly as if the participant had not died.
(d) In the case of a benefit payable on account of the participant' s death before distributions to the participant have commenced, distributions shall be paid no later than December 31 of the calendar year in which the fifth anniversary of the participant's date of death occurs unless the benefit is paid over a period not extending beyond the life expectancy of the beneficiary and distributions commence not later than December 31 of the calendar year immediately following the calendar year in which the participant died, or in the event that the beneficiary is the participant's spouse, distributions must commence on or before the later of either:
(1) December 31 of the calendar year immediately following the calendar year in which the participant dies.
(2) December 31 of the calendar year in which the participant would have attained the age of 70 1/2 years.
The board may permit a participant to withdraw some or
all of his or her after-tax contributions without requiring the
participant to terminate from the plan to the extent that this
in-service distribution is allowed under applicable federal and state
laws, and pursuant to the terms and conditions established by the
board. A participant may apply for a distribution of amounts held in
the participant's separate rollover contribution account established
pursuant to Section 22970.58 at any time before that participant's
termination of employment, to the extent that an in-service
distribution is allowed under applicable federal and state law, and
pursuant to the terms and conditions established by the board.
(a) Distributions from the plan shall be made as soon as
practicable after the first valuation date immediately following the
date of the request for distribution calculated based upon the
valuation date immediately preceding the distribution.
(b) Notwithstanding Chapter 3 (commencing with Section 13100) of Part 1 of Division 8 of the Probate Code or any other law to the contrary, the death benefit payable under the plan may be requested by the beneficiary and paid as soon as practicable following receipt of proof of the participant's death.
(b) Notwithstanding Chapter 3 (commencing with Section 13100) of Part 1 of Division 8 of the Probate Code or any other law to the contrary, the death benefit payable under the plan may be requested by the beneficiary and paid as soon as practicable following receipt of proof of the participant's death.
(a) If a person becomes entitled to a distribution from
the plan that constitutes an eligible rollover distribution within
the meaning of paragraph (31) of subsection (a) of Section 401 of
Title 26 of the United States Code, the person may elect under terms
and conditions established by the board to have the eligible rollover
distribution or a portion thereof paid directly to a plan that
constitutes an eligible retirement plan within the meaning of
paragraph (31) of subsection (a) of Section 401, as specified by that
person. Upon the exercise of the election by a person with respect
to a distribution or a portion thereof, the distribution by the plan
of the amount so designated, once distributable under the terms of
the plan, shall be made in the form of a direct rollover to the
eligible retirement plan so specified.
(b) Notwithstanding any other provision of this part or Part 3 (commencing with Section 20000), a participant may at any time, in writing, authorize the board to apply any or all of the participant's account to payment of any contributions required as a member of the system or payable to the system at the option of the member pursuant to any provision of Part 3 (commencing with Section 20000), except the normal monthly contributions required in Article 1 (commencing with Section 20671) of Chapter 8 of Part 3. Any distribution or transfer made pursuant to this subdivision shall comply with applicable provisions of Title 26 of the United States Code.
(b) Notwithstanding any other provision of this part or Part 3 (commencing with Section 20000), a participant may at any time, in writing, authorize the board to apply any or all of the participant's account to payment of any contributions required as a member of the system or payable to the system at the option of the member pursuant to any provision of Part 3 (commencing with Section 20000), except the normal monthly contributions required in Article 1 (commencing with Section 20671) of Chapter 8 of Part 3. Any distribution or transfer made pursuant to this subdivision shall comply with applicable provisions of Title 26 of the United States Code.
Except as otherwise provided in this part, all
distributions shall be made directly from the fund to the participant
or beneficiary. To the extent required by federal and state law,
income and other taxes shall be withheld from each distribution, and
the payment shall be reported to the appropriate governmental agency
or agencies.
(a) The plan's obligations to a participant, beneficiary,
or nonparticipant spouse who elected a lump-sum distribution cease
upon distribution of the lump-sum benefit.
(1) Deposit in the United States mail of a warrant drawn in favor of the participant, beneficiary, or nonparticipant spouse and addressed to the latest address on file for that person constitutes distribution of the benefit.
(2) Deposit in the United States mail of a notice that the requested electronic funds transfer has been made as directed by the participant, beneficiary, or nonparticipant spouse constitutes distribution of the benefit.
(3) If the participant, beneficiary, or nonparticipant spouse has elected on a form prescribed by the board to transfer all or a specific portion of the account that is eligible for a direct trustee-to-trustee transfer under Section 401(a)(31) of Title 26 of the United States Code to the trustee of an eligible retirement plan, deposit in the United States mail of a notice that the requested transfer has been made constitutes distribution of the benefit.
(b) The plan's obligations to a participant or beneficiary who elected to receive a benefit in the form of partial distributions cease upon distribution of the final payment.
(1) Deposit in the United States mail of a warrant drawn in favor of the participant or beneficiary and addressed to the latest address on file for that person constitutes distribution of the benefit.
(2) Deposit in the United States mail of a notice that the requested electronic funds transfer has been made as directed by the participant or beneficiary constitutes distribution of the benefit.
(c) Distribution under paragraph (1), (2), or (3) of subdivision (a) or paragraph (1) or (2) of subdivision (b) pursuant to the board' s determination in good faith of the existence, identity, or other facts relating to entitlement of persons constitutes a complete discharge and release of the board, system, and plan from liability for payments.
(d) This section shall not apply to a permissible in-service distribution pursuant to Section 22970.855 if the participant account is only partially distributed.
(1) Deposit in the United States mail of a warrant drawn in favor of the participant, beneficiary, or nonparticipant spouse and addressed to the latest address on file for that person constitutes distribution of the benefit.
(2) Deposit in the United States mail of a notice that the requested electronic funds transfer has been made as directed by the participant, beneficiary, or nonparticipant spouse constitutes distribution of the benefit.
(3) If the participant, beneficiary, or nonparticipant spouse has elected on a form prescribed by the board to transfer all or a specific portion of the account that is eligible for a direct trustee-to-trustee transfer under Section 401(a)(31) of Title 26 of the United States Code to the trustee of an eligible retirement plan, deposit in the United States mail of a notice that the requested transfer has been made constitutes distribution of the benefit.
(b) The plan's obligations to a participant or beneficiary who elected to receive a benefit in the form of partial distributions cease upon distribution of the final payment.
(1) Deposit in the United States mail of a warrant drawn in favor of the participant or beneficiary and addressed to the latest address on file for that person constitutes distribution of the benefit.
(2) Deposit in the United States mail of a notice that the requested electronic funds transfer has been made as directed by the participant or beneficiary constitutes distribution of the benefit.
(c) Distribution under paragraph (1), (2), or (3) of subdivision (a) or paragraph (1) or (2) of subdivision (b) pursuant to the board' s determination in good faith of the existence, identity, or other facts relating to entitlement of persons constitutes a complete discharge and release of the board, system, and plan from liability for payments.
(d) This section shall not apply to a permissible in-service distribution pursuant to Section 22970.855 if the participant account is only partially distributed.
