§ 9-3-430 — Application for benefits; benefit payment effective dates; minimum distribution rules

Wyoming § 9-3-430

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 4: RETIREMENT

Text

(a) A member shall submit a written application for
benefits to the system before benefits shall begin. The written
application for benefits shall be on forms adopted by the board.
(b) Benefits are payable the last day of the month
following the month in which the member's final contributions
and employer contributions are remitted to the system and the
member has submitted a complete and accurate application under
subsection (a) of this section. Retirement is effective the day
following the member's last working day in the system or anytime
after that time when the member qualifies under W.S. 9-3-415,
9-3-416 or 9-3-431.
(c) Benefit payments under the system shall begin by the
later of April 1 of the calendar year following the year in
which the member reaches age seventy and one-half (70 1/2) years
or retires. The member's entire interest in the system shall be
distributed over the life of the member or the lives of the
member and a designated beneficiary, over a period not extending
beyond the life expectancy of the member or the life expectancy
of the member and designated beneficiary. If a member dies
after distribution of benefits has begun, the remaining portion
of the member's interest shall be distributed at least as
rapidly as under the method of distribution prior to the
member's death. If a member dies before distribution of
benefits has begun, the entire interest of the member shall be
distributed within five (5) years of the member's death. The
five (5) year payment rule shall not apply to any portion of the
member's interest which is payable to a designated beneficiary
over the life or life expectancy of the beneficiary and which
begins within one (1) year after the date of the member's death.
The five (5) year payment rule shall not apply to any portion of
the member's interest which is payable to a surviving spouse
payable over the life or life expectancy of the spouse which
begins not later than the date the member would have reached age
seventy and one-half (70 1/2) years. The board may by rule and
regulation modify distributions under this section in order to
provide minimum distributions required by section 401(a)(9) of
the Internal Revenue Code or as otherwise necessary to retain
qualified plan status under the Internal Revenue Code.
(d) This section applies to benefits payable under W.S.