New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 6 - DEFINED CONTRIBUTION RETIREMENT PROGRAM › Subchapter 11 - DISTRIBUTIONS AND MINIMUM DISTRIBUTION REQUIREMENTS › Section 17:6-11.2 - Minimum distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				requirements of this section will take precedence over any inconsistent
				provisions of this chapter.
(b) All
				distributions required under this section will be determined and made in
				accordance with IRC § 401(a)(9) and the Treasury Regulations under IRC
				§ 401(a)(9).
(c) Distributions
				to a participant and his or her beneficiaries under this section shall only be
				made in accordance with the incidental death benefit requirements of IRC §
				401(a)(9)(G) and the Treasury Regulations thereunder.
1. The participant's entire interest will be
				distributed, or begin to be distributed, to the participant no later than the
				participant's required beginning date (as defined in
				17:6-11.3 ).
2. If the participant dies before
				distributions begin, and subject to the payment option(s), if any, in fact
				permitted by the Plan Administrator in addition to a single sum distribution,
				the participant's entire interest must be distributed, or begin to be
				distributed, no later than as follows:
i. If
				the participant's surviving spouse is the participant's sole designated
				beneficiary, then distributions to the surviving spouse will begin by December
				31 of the calendar year immediately following the calendar year in which the
				participant died, or by December 31 of the calendar year in which the
				participant would have attained age 70 1/2, if later.
ii. If the participant's surviving spouse is
				not the participant's sole designated beneficiary, then distributions to the
				designated beneficiary will begin by December 31 of the calendar year
				immediately following the calendar year in which the participant
				died.
iii. If there is no
				designated beneficiary as of September 30 of the year following the year of the
				participant's death, the participant's entire interest will be distributed by
				December 31 of the calendar year containing the fifth anniversary of the
				participant's death.
iv. If the
				participant's surviving spouse is the participant's sole designated beneficiary
				and the surviving spouse dies after the participant but before distributions to
				the surviving spouse begin, this subparagraph, rather than (c)2i above, will
				apply as if the surviving spouse were the participant. For purposes of this
				subsection, unless this subparagraph applies, distributions are considered to
				begin on the participant's required beginning date (as defined in
				17:6-11.3 ). If this subparagraph
				applies, distributions are considered to begin on the date distributions are
				required to begin to the surviving spouse under (c)2i above. If distributions
				under an annuity purchased from an insurance company irrevocably commence to
				the participant before the participant's required beginning date or to the
				participant's surviving spouse before the date distributions are required to
				begin to the surviving spouse, the date distributions are considered to begin
				is the date distributions actually commence.
3. If the participant's interest is
				distributed in the form of an annuity purchased from an insurance company,
				distributions thereunder will be made in accordance with the requirements of
				IRC § 401(a)(9) and the Treasury Regulations thereunder.