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life expectancies) of the distributee and the distributee's designated beneficiary, or <br />for a specified period of ten years or more, or any distribution to the extent such <br />distribution is required under the Intemal 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 />Internal Revenue Code, Section 403(a), a qualified trust described in the Internal <br />Revenue Code, Section 401(a), an annuity contract described in the Internal <br />Revenue Code, Section 403(b), or an eligible governmental deferred <br />compensation plan under the Internal Revenue Code, Section 457(b), that accepts <br />the distributee's eligible rollover distribution. <br /> <br />A distributee includes an employee or former employee and his or her surviving <br />spouse. <br /> <br />4. A direct rollover is a payment from an investment account to the eligible retirement <br /> plan specified by the distributee. <br /> <br />Section 2. It is hereby declared that an emergency exists in that this ordinance is needed to <br />process existing loan applications. <br /> <br />Section 3. This ordinance shall take effect and be in force from and after its passage as <br />provided by law. <br />PASSED /~ dayof ~ ,2003. <br /> <br />CERTIFIED. TO BE CORRECT AS TO FORM: <br />City At'er ~'~~ <br /> <br />-3- <br /> <br /> <br />