§ 22-265. Lump sums.

(a)

The Board may set a dollar amount for a monthly retirement benefit that shall be paid in the form of a lump sum. Except as provided in Subsection (c) of this section of this section, monthly benefits of more than the amount determined by the Board shall not be paid in the form of a lump sum. Notwithstanding the above, monthly benefits whose lump sum value is above the amount as shall be from time to time established by Section 411(a)(11) of the Internal Revenue Code shall require member consent before a lump sum is paid. Any member or beneficiary shall be required to receive a lump sum distribution of the amount as shall be from time to time established by Section 411(a)(11) of the Internal Revenue Code or less.

(b)

All lump sums shall be based on the applicable interest rate and mortality table as defined in Section 417(e) of the Internal Revenue Code effective on the first day of the calendar year in which payment is made.

(c)

Upon the written agreement of the member and the Richmond Retirement System, monthly benefits payable to a member who is retired on a disability retirement allowance may be paid in the form of a lump sum by purchase of one or more annuities or a combination of lump sum and annuity payments.

(Code 1993, § 23.1-56; Code 2004, § 78-283)

(Code 1993, § 23.1-56; Code 2004, § 78-283)