(a) Annuities.-- Any annuity granted under the provisions of this part and paid from the fund shall be paid in equal monthly installments commencing by the required beginning date. (b) Death benefits.-- If the amount of a death benefit payable from the fund to a beneficiary of a member under section 8347 (relating to death benefits) or under the provisions of Option 1 of section 8345(a)(1) (relating to member's options) is $10,000 or more, such beneficiary may elect to receive payment according to one of the following options: (1) A lump sum payment. (2) An annuity actuarially equivalent to the amount payable. (3) A lump sum payment and an annuity such that the annuity is actuarially equivalent to the amount payable less the lump sum payment specified by the beneficiary. (c) Death or absence of beneficiary.-- If the beneficiary designated by a member should predecease him or die within 30 days of his death, or if a valid nomination of a beneficiary is not in effect at his death, any money payable to a beneficiary shall be paid to the estate of the member. (d) Required distributions.-- All payments pursuant to this section shall start and be made in compliance with the required beginning date, minimum distribution requirements and incidental death benefit rules of IRC § 401(a)(9). CHAPTER 84 SCHOOL EMPLOYEES' DEFINED CONTRIBUTION PLAN Sec. 8401. Establishment. 8402. Plan document. 8403. Individual investment accounts. 8404. Participant contributions. 8405. Mandatory pickup participant contributions. 8406. Employer defined contributions. 8407. Eligibility for benefits. 8408. Death benefits. 8409. Vesting. 8410. Termination of distributions. 8411. Powers and duties of board. 8411.1. Relation of administrators of School Employees' Defined Contribution Plan to providers of 403(b) plans. 8412. Responsibility for investment loss. 8413. Investments based on participant's investment allocation choices. 8414. Expenses. 8415. Tax qualification.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.