In no event may a member's retirement benefit be delayed the later of the April first (1st) following the calendar year in which he attains age seventy and one-half (70½) or April first (1st) of the year following the calendar year in which he retires.
When a distribution of the participant's entire interest is not made in a lump sum, the distribution will be made in one (1) or more of the following ways: over the life of the participant: over the life of the participant and designated beneficiary; over a period certain not extending beyond the life expectancy of the participant; or over a period certain not extending beyond the joint life and last survivor expectancy of the participant and a designated beneficiary.
If distribution has commenced before the participant's death, the remaining interest will be distributed at least as rapidly as under the method of distribution being used as of the date of the participant's death.
The method of distribution, if the participant dies before distributions commence, must satisfy the following requirements:
(a) Any remaining portion of the participant's interest that is not payable to a beneficiary designated by the participant will be distributed within five (5) years after the participant's death; and
(b) Any portion of the participant's interest that is payable to a beneficiary designated by the participant will be distributed either:
(i) Within five (5) years after the participant's death; or
(ii) Over the life of the beneficiary, or over a period certain not extending beyond the life expectancy of the beneficiary, commencing not later than the end of the calendar year following the calendar year in which the participant died, (or, if the designated beneficiary is the participant's surviving spouse, commencing not later than the end of the calendar year following the calendar year in which the participant would have attained age seventy and one-half (70½).
