§ 709. Distribution to individual retirement account of nonspouse beneficiary.

A participant's non-spouse beneficiary may elect to have any portion of an eligible Plan distribution paid in a direct trustee-to-trustee transfer to an individual retirement account or annuity described in Section 401(c)(8)(B)(i) or (ii) of the Internal Revenue Code that is established to receive the Plan distribution on behalf of the beneficiary. For purposes of this Section 709, a trust maintained for the benefit of one (1) or more designated beneficiaries may be the beneficiary to the extent provided in rules prescribed by the Secretary of Treasury. If the participant dies after the participant's required beginning date as defined in Section 704.A hereof, the required minimum distribution in the year of death may not be transferred according to this Section 709. The requirements of Internal Revenue Code Section 402(c)(11) apply to distributions under this Section 709.

(Ord. No. 21971, § 3, 12-11-2008)