PUBLIC OFFICERS AND EMPLOYEES
JUDICIAL RETIREMENT PLAN
100-C:10 Maximum Benefit Limitations.
I. Notwithstanding any other provisions of this chapter, the maximum benefit payable to any retired member or beneficiary of the New Hampshire judicial retirement plan shall be limited to such extent as may be necessary to conform to the requirements of sections 401(a)(9) and 415 of the United States Internal Revenue Code of 1986 for a qualified retirement plan.
II. (a) In accordance with section 401(a)(9) of the Internal Revenue Code, distribution of the member's contributions shall commence by the April 1 following the later of the calendar year in which the participant attains age 701/2 or retires. Actuarial increases shall be provided for a member who retires in a calendar year after the calendar year in which the participant attains age 701/2, for the period after age 701/2 in which the member was not receiving any benefits under the plan.
(b) When the distribution of the member's entire interest is not made in a lump sum, the distribution shall be made in one or more of the following ways:
(1) Over the life of the member;
(2) Over the life of the member and a designated beneficiary;
(3) Over a period certain not extending beyond the life expectancy of the member; or
(4) Over a period certain not extending beyond the joint life and last survivor expectancy of the member and a designated beneficiary.
(c) If distribution has commenced before the member's death, the remaining interest shall be distributed at least as rapidly as under the method of distribution being used as of the date of the member's death.
(d) If the member dies before distribution commences, any remaining portion of the member's interest that is not payable to a beneficiary designated by the member shall be distributed within 5 years after the member's death, and any portion of the member's interest that is payable to a beneficiary designated by the member shall be distributed either within 5 years after the member's death, or over the life of the beneficiary or over a period certain not extending beyond the life expectancy of the beneficiary, commencing not later than the end of the calendar year following the calendar year in which the member died, or if the designated beneficiary is the member's surviving spouse, commencing not later than the end of the calendar year in which the member would have attained age 701/2.
(e) Distributions from the plan shall be made in accordance with the requirements of the regulations under Internal Revenue Code section 401(a)(9), including the minimum distribution incidental benefit requirements.
Source. 2003, 311:1. 2004, 146:6, eff. May 24, 2004.