2006 New York Compliance Of New York City Retirement Systems And Pension Funds With Section 401(a)(9) Of The Internal Revenue Code.

 
    §  13-638.6 Compliance of New York city retirement systems and pension
  funds  with  section   401(a)(9)   of   the   Internal   Revenue   Code.
  Notwithstanding any other provision of law to the contrary, the New York
  city  employees'  retirement  system,  the  New York city police pension
  fund, subchapter two, the New York city fire  department  pension  fund,
  subchapter  two,  the  New York city teachers' retirement system and the
  New York city board of education retirement system shall  at  all  times
  comply  with  the  requirements  of  section  401(a)(9)  of the Internal
  Revenue Code, as amended from time to time,  and,  unless  the  Internal
  Revenue Code as hereafter amended provides otherwise,
    (1)  all  distributions of retirement allowance benefits from any such
  retirement system or pension fund shall commence on or before the  April
  first  following the later of the calendar year in which the participant
  attains age seventy and one-half or retires; and
    (2) where the distribution of the participant's entire interest is not
  made in a lump sum by any such retirement system or  pension  fund,  the
  distribution  shall  be  made in one or more of the following ways: over
  the life of the participant; over the life  of  the  participant  and  a
  designated  beneficiary;  over a period certain not extending beyond the
  life expectancy of  the  participant;  or  over  a  period  certain  not
  extending  beyond  the  joint  life  and last survivor expectancy of the
  participant and a designated beneficiary; and
    (3)  if  distribution  of  benefits  has  commenced   prior   to   the
  participant's  death, the remaining interest shall be distributed by any
  such retirement system or pension fund at least as rapidly as under  the
  method  of  distribution  being used as of the date of the participant's
  death; and
    (4) where the participant  dies  before  distribution  commences,  the
  method  of  distribution  of benefits from any such retirement system or
  pension fund shall satisfy the following requirements: (a) any remaining
  portion  of  the  participant's  interest  that  is  not  payable  to  a
  beneficiary  designated  by  the participant shall be distributed within
  five years after the participant's death; and (b)  any  portion  of  the
  participant's  interest  that  is payable to a beneficiary designated by
  the participant shall be distributed either (i) within five years  after
  the  participant's  death,  or  (ii) over the life of the beneficiary or
  over a period certain not extending beyond the life  expectancy  of  the
  beneficiary,  commencing  not  later  than  the end of the calendar year
  following the calendar year in which the participant dies  (or,  if  the
  designated beneficiary is the participant's surviving spouse, commencing
  not  later than the end of the calendar year following the calendar year
  in which the participant would have attained age seventy and one-half).