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An eligible rollover distribution is any distribution of all of any portion of the <br />balance to the credit of the distributee in an Investment Account, except that an <br />eligible rollover distribution does not include any distribution that is one of a <br />series of substantially equal periodic payments (not less frequently than annually) <br />made for the life (or life expectancy) of the distributee or the joint lives (or joint <br />life expectancies) of the distfibutee and the distfibutee's designated beneficiary, or <br />for a specified period often years or more, or any distribution to the extent such <br />distribution is required under the Internal Revenue Code, Section 401 (a)(9). <br /> <br />An eligible retirement plan is an individual retirement account described in the <br />Internal Revenue Code, Section 408(a), an individual retirement annuity described <br />in the Internal Revenue Code, Section 408(b), an annuity plan described in the <br />Intemal Revenue Code, Section 403(a), or a qualified trust described in the <br />Internal Revenue Code, Section 401(a), that accepts the distributee's eligible <br />rollover distribution. However, in the case of an eligible rollover distribution to a <br />surviving spouse, an eligible retirement plan is an individual retirement account or <br />an individual retirement annuity. <br /> <br />A distributee includes an employee or former employee and his or her surviving <br />spouse. <br /> <br />A direct rollover is a payment from an Investment Account to the eligible <br />retirement plan specified by the distributee. <br /> <br />14. Section 2.62.160 is amended to read as follows: <br /> <br />2.62.160 Proration of benefits if funds insufficient. <br /> <br />If at any time hereafter the retirement fund created pursuant to this chapter (disregarding the <br />portion credited to Investment Accounts) shall be insufficient to pay in full all the benefits <br />provided by this chapter (other than Section 2.62.152) to those at the time being entitled to such <br />benefits, the amount then on hand and available for payment of benefits shall be prorated among <br />the beneficiaries so that all beneficiaries shall receive the same percentage of their full monthly <br />benefits. <br /> <br />15. Section 2.62.170 is amended to read as follows: <br /> <br />2.62.170 Application for benefits or distributions. <br /> <br />Applications for benefits to be paid under Section 2.62.150 shall be made upon forms <br />provided by the board of trustees, and shall contain full information, from which the <br />board may determine the eligibility of the applicant. If an application for retirement is <br />approved, no further compensation for services shall thereafter be paid by the city to such <br />employee except for such part-time service, not exceeding eleven hundred (1,100) hours <br /> <br />1242~3805 o 11 - <br /> <br /> <br />