If the recipient of any eligible rollover distribution, as that term is defined in
Section 402(f)(2)(A) of the Internal Revenue Code, including any lump sum payments
of retirement benefits, lump sum refunds of member contributions, and lump sum returns
of member contributions which were picked up by the City, elects to have the distribution
paid directly to an eligible retirement plan or Individual Retirement Account (IRA),
and specifies the eligible retirement plan or IRA to which such distribution is to
be paid (in such form and at such time as the Board of Trustees may prescribe), then
the distribution will be made in the form of a direct trustee-to-trustee transfer
to the specified eligible retirement plan or IRA.
(Ord. No. 93-03, § 1, 4-6-93)
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