69. Lifetime Income Investment Distributions

Statement of Requirement: Code § 401(a)(38)

A lifetime income investment held by the Plan may be distributed if the investment can no longer be held as an investment option under the Plan. Distributions must be made within the 90-day period ending on the date when the lifetime income investment is no longer authorized to be held as an investment option under the Plan, and [SELECT ONE OR BOTH OF THE FOLLOWING]:

1. ______The distribution may be made in a direct trustee-to-trustee transfer to an eligible retirement plan.

(Note to reviewer: See LRM 51, Direct Rollovers, for sample plan language in this regard.)

278 | D e f i n e d C o n t r i b u t i o n P l a n L R M P a c k a g e 0 1 / 2 0 2 4

2. ______The distribution may be made in the form of an annuity contract purchased for a Participant and distributed by the Plan to a Participant.

For purposes of this section, a lifetime income investment is an investment option designed to provide a Participant with election rights (1) that are not uniformly available with respect to other investment options under the Plan, and (2) that are rights to a lifetime income feature available through a contract or other arrangement offered under the Plan. A lifetime income feature is (1) a feature that guarantees a minimum level of income annually (or more frequently) for at least the remainder of the life of the Participant or the joint lives of the Participant and the Participant’s designated beneficiary, or (2) an annuity payable on behalf of the Participant under which payments are made in substantially equal periodic payments (not less frequently than annually) over the life of the Participant or the joint lives of the Participant and a Participant's designated beneficiary.