Ill. Admin. Code tit. 80 § 1650.417

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1650.417 - Mandatory Distributions Pursuant to Section 401(a)(9) of the Internal Revenue Code

When the System is required to make a mandatory distribution pursuant to section 401(a)(9) of the Internal Revenue Code and the member is eligible to receive either a single-sum benefit under 40 ILCS 5/16-136.4 or a refund under 40 ILCS 5/16-151, but fails to make the required election, the member shall be deemed to have elected a single-sum benefit under Section 16-136.4 of the Code.

Ill. Admin. Code tit. 80, § 1650.417

Added at 33 Ill. Reg. 15863, effective November 2, 2009

Amended at 43 Ill. Reg. 10791, effective 9/23/2019