California Government Code

§ 22970.85

GOV § 22970.85 Effective Jan 1, 2024Div. 5 · Title 2 · Part 8 · Ch. 12

Statute text

Notwithstanding any other provision of this part, a participant or beneficiary shall not be permitted to elect a distribution under this part that does not satisfy the requirements of paragraph (9) of subsection (a) Section 401 of Title 26 of the United States Code, including the incidental death benefit requirements of subparagraph (G) of paragraph (9) of subsection (a) of Section 401 and the regulations thereunder. The required beginning date of distributions that reflect the entire interest of the participant shall be as follows:

(a)In the case of a lump sum distribution to the participant, the lump sum payment shall be made not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age prescribed by Section 401(a)(9) of the Internal Revenue Code or the calendar year in which the participant terminates employment.

(b)In the case of a distribution to the participant in the form of periodic payments, payment shall begin not later than April 1 of the calendar year following the later of the calendar year in which the participant attains the age prescribed by Section 401(a)(9) of the Internal Revenue Code or the calendar year in which the participant terminates employment.

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Legislative history

Amended by Stats. 2023, Ch. 159, Sec. 8. (SB 885) Effective January 1, 2024.