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The amount determined under (1), (2) and (3) shall then be converted to the actuarially equivalent life annuity or other periodic benefit payable under Seciion 2.62.150 using an interest rate of seven percent and the 1983 Group Annuity Morality Table. If any distribution from an employee's Investment Account under Section 2.62.152(A) which is made or commences prior to the date as of which benefits become payable under Section 2.62.150, such distribution shall not affect the determination of the offset amount under this Section 2.62.151. 13. Section 2.62.152 is added as follows: 2.62.152 Distribution of Investment Account. In addition to benefits payable under Section 2.62.150, if any, a former employee may apply for a distribution from his or her Investment Account at any time. Such distribution shall be made or commence as of the valuation date under Section 2.62.051 (E) on or as soon as administratively feasible following receipt of such application. Distributions shall not be made from an employee's Investment Account prior to the date the employee ceases to be an employee. Upon the death of an employee prior to the date distribution of his or her Investment Account is made or commences under Section 2.62.152(A), the employee's Investment Account shall be distributed to the beneficiary designated by the employee upon forms (or such other medium) provided by the board of trustees or, if authorized by the board, the manager of the investment funds. If the employee fails to designate a beneficiary, or if no beneficiary survives the employee, such distribution shall be made to his or her estate in a single lump sum. Distribution under this Section 2.62.152(B) shall be made or commence as of the valuation date under Section 2.62.05 I(E) on or as soon as administratively following receipt of notice of the employee's death. Distributions to the employee or a beneficiary under Section 2.62.152(A) or (B) may be made in any form permitted for a defined contribution plan under the Internal Revenue Code, as elected by the employee or beneficiary. If the employee or beneficiary is entitled to a benefit payable under Section 2.62.150, the employee or beneficiary may elect to have all or any portion of the employee's Investment Account transferred to the portion of the fund not credited to Investment Accounts and paid in the actuarially equivalent form of such benefit, determined using an interest rate of seven percent and the 1983 Group Annuity Mortality Table. Distributions under this Section 2.62.152 shall be made in accordance ~vith the Internal Revenue Code, Section 401 (a)(9), and the regulations thereunder. A distributee may elect, at the time and in the manner prescribed by the board of trustees, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. 124253sas - 10 -