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City of Portland

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Section 5-313. Limits on Time and Form of Payment.

(a)  Payment to FPDR Two Members.  Payment of benefits to a FPDR Two Member shall comply with the following restrictions:

1.  Payment shall begin no later than the April 1 following the calendar year in which the FPDR Two Member attains age 70 1/2 or retires, whichever is later.

2.  Payment shall be made over a period no longer than the lives or joint life expectancy of the FPDR Two Member and any designated beneficiary.

3.  The benefit form shall be limited so that the benefit payable after death is incidental to the plan's primary purpose of providing retirement benefits.

(b)  Payment to Beneficiaries.  Payment of death benefits shall begin no later than one year after the FPDR Two Member's death and shall be made over a period no longer than the beneficiary's life or life expectancy.

(c)  Applicable Regulations.  The restrictions of this Section shall be complied with by payments in accordance with Treasury Regulation Sections 1.401(a)(9)‑1 and 1.401(a)(9)‑2, or any successor provisions, as they may be amended from time to time.  This Section shall override any inconsistent distribution options provided in this Chapter.