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

Section 1540.195  Mandatory Distributions Pursuant to Section 401(a)(9) of the Internal Revenue Code The System shall pay all benefits in accordance with a reasonable good faith interpretation of the requirements of section 401(a)(9) of the Internal Revenue Code.  When the System is required to make a mandatory distribution pursuant to that section and the member is eligible to receive either a retirement annuity or a refund, but fails to make the required election within 60 days after the System sends out the election form, the member shall be deemed to have elected a refund.