Notwithstanding any other provision of this Article, effective for plan years beginning
after December 31, 1986, the entire interest of each member shall be distributed to
such member not later than the required beginning date specified below, or shall be
distributed, beginning not later than the required beginning date, over the life of
such member or over the lives of such member and a beneficiary or over a period not
extending beyond the life expectancy of such member or the life expectancy of such
member and a beneficiary. For this purpose, the term required beginning date shall mean April 1 of the calendar year following the later of the calendar year
in which the member attains 70½ years of age, or the calendar year in which the member
retires. If a member dies after distribution of the member's interest has begun, the
remaining portion, if any, of such interest shall be distributed at least as rapidly
as under the method of distribution being used as of the date of death. If a member
dies before the distribution of the member's interest has begun, any death benefit
shall be distributed within five years after the death of such member, unless (1)
any portion of the member's interest is payable to (or for the benefit of) a designated
beneficiary, (2) such portion shall be distributed over the life of such beneficiary
or over a period not extending beyond the life expectancy of such beneficiary, and
(3) if the beneficiary is someone other than the member's surviving spouse, such distributions
shall begin not later than one year after the date of the member's death or such later
date as the U.S. Secretary of the Treasury may by regulations prescribe. If the beneficiary
is the surviving spouse of the member, (1) distribution shall begin on or before the
latest of one year after the date of the member's death, such later date as the U.S.
Secretary of the Treasury may by regulations prescribe, or the date on which the member
would have attained 70½ years of age and (2) if the surviving spouse dies before the
distributions to such spouse begin, the distribution rules specified in this Section
shall be applied as if the surviving spouse were the member. Distributions from the
System shall be made in accordance with the requirements of Section 401(a)(9) Internal
Revenue Code, including the rules for incidental death distributions set forth at
Section 401(a)(9)(G). (27-90-3, § 2; 26-12-3; 50-13-3; 2-16-3; 22-18-3.)