Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.6 - MINIMUM DISTRIBUTION RULES

Current through June 25, 2024
Notwithstanding any provisions in the Plan to the contrary,
				  any distribution under the Plan shall be made in accordance with Code Section
				  457(d) and a reasonable and good faith interpretation of Code Section
				  401(a)(9), including the incidental benefit rules of Section 401(a)(9)(G) of
				  the Code, Treasury Regulations 1.401(a)(9)-1 through -9 as they are amended. No
				  payment option may be selected by a Participant unless the amounts payable to
				  the Participant are expected to be at least equal to the minimum distribution
				  required under Section 401(a)(9) of the Code.
The Accounts of a Participant shall be distributed to the
				  Participant beginning no later than the Participant's "required beginning
				  date." For purposes of this Section, "required beginning date" means April 1 of
				  the calendar year following the later of (i) the calendar year in which the
				  Participant reaches the applicable age or (ii) the calendar year in which the
				  Participant retires. For a Participant who attained age 70½ before
				  December 31, 2019, the applicable age is 70½. For a Participant who
				  attained age 72 before January 1, 2023, the applicable age is 72. For a member
				  who attains age 72 after December 31, 2022, the applicable age is as defined in
				  Code Section 401(a)(9)(C)(v).
For purposes of this Section, "first distribution year" means
				  the calendar year described in the preceding sentence. Except as otherwise
				  required by Code Section 457(d)(2), the amount to be distributed each year,
				  beginning with the distributions attributable to the first distribution year,
				  shall not be less than the quotient obtained by dividing the Participant's
				  account balance by the lesser of (i) the applicable life expectancy, or (ii) if
				  the Participant's spouse is not the designated beneficiary, the applicable
				  divisor specified in Code Section 401(a)(9) or the regulations promulgated
				  there under. Distributions after the death of the Participant to the spouse
				  shall be distributed using the applicable life expectancy as the applicable
				  divisor.
Required minimum distributions will be determined under this
				  section beginning with the first distribution calendar year and up to and
				  including the distribution calendar year that includes the Participant's date
				  of death. If the Participant dies before receiving the minimum distribution
				  payable for the distribution calendar year in the year of the Participant's
				  death, such amount shall be distributed to the Participant's
				  Beneficiary.
The "distribution calendar year" means the calendar year for
				  which a minimum distribution is required. For distributions beginning before
				  the Participant's death, the first distribution calendar year is the calendar
				  year immediately preceding the calendar year which contains the Participant's
				  required beginning date. The required minimum distribution for the
				  Participant's first distribution calendar year will be made on or before the
				  Participant's required beginning date. The required minimum distribution for
				  other distribution calendar years, including the required minimum distribution
				  for the distribution calendar year in which the Participant's required
				  beginning date occurs, will be made on or before December 31 of that
				  distribution calendar year.
The Participant is responsible for coordinating between any
				  other 457 plans he or she has and this Plan to meet the minimum distribution
				  rules.