94- 411 C.M.R. ch. 414, § 3

Current through 2024-51, December 18, 2024

Section 411-414-3 - COMPLIANCE WITH CODE SECTION 401(a)(9) FOR A REQUIRED MINIMUM DISTRIBUTION TO A MEMBER WHO IS NOT VESTED

If a member who is not vested and has terminated employment fails to apply for a refund of accumulated contributions by January 1 of the year when the member will attain age 72 (701/2 for members born before July 1, 1949), the System will refund the full amount of accumulated contributions to the member. Once a distribution is made under this Section, the member may not change the manner in which the accumulated contributions are distributed.