2 Alaska Admin. Code § 35.231

Current through September 25, 2024

Section 2 AAC 35.231 - Forms of distribution under the defined contribution plan

In addition to distribution options under AS 39.35.820(a), a participant may elect to receive the participant's share of the individual account in a periodic payment paid monthly, quarterly, semi-annually, or annually which allows the participant to receive benefit payments out of their accounts while staying invested in the current fund offerings provided by the plan. A participant may select from the following payment schedules:

(1) a period certain where the participant selects length of time to receive funds;

(2) a minimum distribution option where the amounts paid will be recalculated annually and paid at the minimum distribution level; or

(3)a payment certain where the participant selects amount to be paid out and continue until funds are depleted.

All distributions of benefits must be made in accordance with Internal Revenue Code provisions, which shall override any distribution options inconsistent with such provisions. Any distribution, if applicable, will be subject to the withholding of taxes which will be remitted to the Internal Revenue Service.

2 AAC 35.231

Eff. 4/28/2019, Register 230, April 2019

Authority: AS 39.35.004

AS 39.35.005

AS 39.35.820