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5.09.070 Payment Options.

City Code Section

(Amended by Ordinances 186746 and 187574, effective February 10, 2016.)

  1. A.  Subject to the restrictions on the distribution of benefit payments appearing in Sections 5.09.080, 5.09.090, and 5.09.100, the options available to a Participant or Beneficiary for distributing the value of the Participant's Account are:
    1. 1.  Lump Sum
    2. 2.  Substantially equal monthly, quarterly, semi- annual or annual installments until the Account is exhausted.
    3. 3.  Substantially equal monthly, quarterly, semi- annual or annual payments for a designated period.
    4. 4.  Periodic payments for the life of the Participant with continuation of the payments or a percentage of the payments for the lifetime of the Participant's spouse.
    5. 5.  Payments equal to payments made by the issuer of a retirement annuity policy.
    6. 6.  Such other option as the Participant chooses, and as authorized by this Plan.