2022-059 - Approving and Agreement Regarding Freeze of Fire Pension Fund & Authorizing the Mayor to Execute Same

Home Browse Search

distribution. In order to be able to roll over the distribution, the distribution otherwise must satisfy the definition of an"eligible rollover distribution"under Code §401(a)(31). The distribution is subject to the direct rollover requirements of Code §401(a)(31) (including Code §401(a)(31)(B)), the notice requirements of Code §402(f) and the mandatory withholding requirements of Code §3405(c). If a non-spouse beneficiary receives a distribution from the Fund, the distribution is not eligible for a sixty (60) day (non-direct) rollover. If the Firefighter's named beneficiary is a trust, the Fund may make a direct rollover to an IRA on behalf of the trust, provided the trust satisfies the requirements to be a designated beneficiary within the meaning of Code §401(a)(9)(E). A non-spouse beneficiary may not roll over an amount that is a required minimum distribution, as determined under applicable Treasury Regulations and other Internal Revenue Service guidance. If the Firefighter dies before his or her required beginning date and the non-spouse beneficiary rolls over to an IRA the maximum amount eligible for rollover, the beneficiary may elect to use either the five (5) year rule or the life expectancy rule, pursuant to Treasury Regulations §1.401(a)(9)-3, A-4(c), in determining the required minimum distributions from the IRA that receives the non- spouse beneficiary's distribution. 10.04 For distributions made after December 31, 2007, a Firefighter or beneficiary may elect to roll over directly an "eligible rollover distribution" to a Roth IRA described in Code §408A(b). For this purpose, the term "eligible rollover distribution" includes employee after-tax contributions, if applicable. 10.05 HELPS. Notwithstanding the foregoing and Section 5 of the Act, a Firefighter may elect to direct the Fund to directly pay deductions from distributions to a provider of accident or health plan or qualified long-term care insurance contract. 10.06 Facility of Payment. If the Board of Trustees receives satisfactory evidence that a person entitled to receive a benefit is physically, mentally or legally incompetent to receive the benefit and to give a valid receipt, that an individual or institution is maintaining or has custody of the person and that no guardian, committee or other representative of the estate of the person has been appointed, the Board of Trustees may direct the payment to the individual or institution maintaining or having the custody of the person. Receipt of that individual or institution shall be a valid and complete discharge for the payment of the benefit. Also, a deposit to the credit of a Firefighter or beneficiary in any bank or trust company shall be deemed payment to a person. 10.07 Name and Address Changes. Each Firefighter, spouse, and beneficiary is responsible to notify the Board of Trustees of any change in his name or address to which his benefit checks and other communications are to be mailed. If any check in payment of a benefit is mailed by regular United States mail to the last address of the payee as shown on the Board of Trustees' records and is returned unclaimed, the Trustee shall discontinue further payments until corrected information is given to the Board of Trustees. 10.08 Release of Claims. All payments to Firefighters or former Firefighters or beneficiaries shall, to the amount of the payments, be in full satisfaction of claims against the Plan. The Board of Trustees may require the payee, as a condition precedent to payment, to execute a receipt and release in a form approved by the Board of Trustees. 24