Time of payment.
Memphis Code of Ordinances § 4-32-16
in effectSec. 4-32-16. - Time of payment.
A. Unless otherwise consented to by the participant, in no event may any benefit pursuant to the plan commence later than the 60th day after the close of the plan year in which occurs the later of:
1. The date on which the participant attains his or her normal retirement age;
2. The tenth anniversary of the date the employee becomes a participant; and
3. The date on which the participant terminates his or her service with the employer.
B. Notwithstanding any other provision of this plan, but subject to the joint and survivor annuity provisions of the plan and except as may otherwise be permitted under regulations issued by the Secretary of the Treasury, effective on and after January 1, 1987, benefits pursuant to the plan shall begin to be paid to a participant no later than the later of: (i) April 1 of the calendar year following the calendar year in which he or she attains age 70½, or (ii) April 1 of the calendar year following the calendar year in which the participant retires. Any such participant must be made over the lives of the participant and the participant's designated beneficiary or the life expectancy of the participant (or the life expectancies of the participant and his or her designated beneficiary). All distributions under the plan shall be made in accordance with section 401(a)(9) of the code and regulations issued by the Secretary of the Treasury thereunder including, but not limited to, regulation 1.401(a)(9)-2, taking into account any special rules or options applicable to governmental plans.
(Code 1985, § 18-55; Ord. No. 4173, § 1, 4-16-1993)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/code_of_ordinances?nodeId=TIT4PERESY_CH4-32RESYLIEM_ART4PABE_S4-32-16TIPAFetched: 10/28/2026