Section 45-37A-51.247 Required Minimum Distributions.

(a) Notwithstanding any provision in this subpart to the contrary, the distribution of a participant’s benefits shall be made in accordance with the following requirements and shall otherwise comply with § 401(a)(9), Internal Revenue Code, and the regulations thereunder, including Regulation 1.401(a)(9)(2), which is incorporated herein by reference: (1) A participant’s benefits shall be distributed or shall begin to be distributed not later than April 1st of the calendar year following the later of the calendar year in which the participant attains age 70 1/2 or the calendar year in which the participant retires. Such distributions shall be equal to or greater than any required distribution. Alternatively, if the distribution is to be in the form of a joint and survivor annuity or single life annuity, then distributions shall begin no later than the applicable April 1st as determined under the preceding sentence and shall be made over the life of the participant, or the lives of the participant and the participant’s designated beneficiary, in accordance with regulations. (2) Distributions to a participant and the participant’s beneficiaries shall only be made in accordance with the incidental death benefit requirements of § 401(a)(9)(G), Internal Revenue Code, and the regulations thereunder. (b) For purposes of this section, the life expectancy of a participant and a participant’s spouse, other than in the case of a life annuity, at the election of the participant or the participant’s spouse, may be redetermined in accordance with regulations. The election, once made, shall be irrevocable. If no election is made by the time distributions shall commence, then the life expectancy of the participant and the participant’s spouse shall not be subject to recalculation. Life expectancy and joint and last survivor expectancy shall be computed using the return multiples in Tables V and VI of Regulation 1.72