Pre-Conference Workbook - North Carolina Conference of The ...

emainder of dividends and base benefit payment earned during their membership
and interest accrued.
(b) Six payment option. The first payment shall be equal to the cumulative amount
that the member has paid in assessments. The remaining payments shall be five
equal annual installments of the remaining dividends and base benefit payment
earned during their membership and interest accrued. The six payment option shall
not be available to a member following attainment of age 70.
For ministers retiring between January 1 and Annual Conference, under either option, the first
payment shall be paid within 15 working days following the adjournment of the Annual
Conference following the ministers’ retirement or termination from the Fund. The second and
subsequent payments shall be paid annually between January 1 and January 10 of each year
following the year in which the minister terminates or retires until the account is paid in full.
For ministers retiring between Annual Conference and December 31, the first payment and
second payment for either payment option shall be paid between January 1 and January 10 of
the year following the year in which the minister terminates or retires. Unless the minister selects
the six payment option, the account shall be disbursed in full in the first January after retirement.
If the six payment option is selected, the four remaining installments shall be paid annually
between January 1 and January 10 of each subsequent year until the account is paid in full.
B. Direct Rollovers
1. This Article XII.B applies to distributions made on or after January 1, 1993.
Notwithstanding any provision of the Fund to the contrary that would otherwise limit a
distributee’s election under this Article XII.B, a distributee may elect at the time and in the
manner prescribed by the plan administrator, to have any portion of an eligible rollover
distribution paid directly to an eligible retirement plan specified by the distributee in a
direct rollover.
2. Definitions:
(a) Eligible rollover distribution: An eligible rollover distribution is any distribution of
all or any portion of the balance to the credit of the distributee, except that an
eligible rollover distribution does not include: any distribution that is one of a series
of substantially equal periodic payments (not less frequently than annually) made
for the life (or life expectancy) of the distributee or the joint lives (or joint life
expectancies) of the distributee and the distributee’s designated beneficiary, or for
a specified period of ten years or more; any distribution to the extent such
distribution is required under section 401(a)(9) of the Code as made applicable by
section 403(b)(10) of the Code, any amount that is distributed upon hardship, and
the portion of any distribution that is not includible in gross income (determined
without regard to the exclusion for net unrealized appreciation with respect to
employer securities).
(b) Eligible retirement plan: An eligible retirement plan is an individual retirement
account described in section 408(a) of the Code, an individual retirement annuity
described in section 408(b) of the Code, an annuity contract described in section
403(b) of the Code (including custodial accounts described in section 403(b)(7) of
the Code and retirement income accounts described in Section 403(b)(9) of the
Code), a qualified plan described in section 401(a) or 403(a) of the Code, or an
eligible plan under section 457(b) of the Code which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state which agrees to separately account for amounts transferred
to such 457(b) plan from this Fund, that accepts the distributee’s eligible rollover
distribution
(c) Distributee: A distributee includes an employee or former employee. In addition,
the employee’s or former employee’s surviving spouse and the employee’s or
former employee’s spouse or former spouse who is the alternate payee under a
qualified domestic relations order, as defined in section 414(p) of the Code, are
distributees with regard to the interest of the spouse or former spouse.
(d) Direct rollover: A direct rollover is a payment by the plan to the eligible retirement
plan specified by the distributee.
2013AnnualPensionsRpt
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