Section 27-220-VII-7.8 - PARTICIPANT DEATHS AFTER DECEMBER 31, 2021Notwithstanding any contrary provisions, effective for Participant deaths after December 31, 2021, the following distribution provisions shall take effect:
a. Upon the death of a Participant before distributions of his or her account begin under Section 7.6, the following distribution provisions will take effect; provided, however, that such provisions are subject to any regulations or other guidance issued under Code Section 401(a)(9): (i) If the Participant has no designated Beneficiary within the meaning of Code Section 401 (a)(9)(E)(i), the Participant's Account under the Plan will be distributed by December 31 of the calendar year containing the tenth anniversary of the Participant's death.(ii) If any portion of the Participant's Account is payable to a designated Beneficiary within the meaning of Code Section 401(a)(9)(E)(i), the Particiant's Account shall be distributed to the designated Beneficiary by December 31 of the calendar year containing the tenth anniversary of the Participant's death.(iii) Notwithstanding paragraph (ii), if any portion of the Participant's Account is payable to an Eligible Designated Beneficiary, within the meaning of Code § 401(a)(9)(E)(ii) and as set forth in paragraph (b), the Eligible Designated Beneficiary may elect for the Participant's Account to be distributed (A) by December 31 of the calendar year containing the tenth anniversary of the Participant's death, or (B) beginning no later than December 31 of the calendar year immediately following the calendar year in which the Participant died, over the life of the Eligible Designated Beneficiary or over a period not exceeding the life expectancy of the Eligible Designated Beneficiary. If the Eligible Designated Beneficiary is the surviving spouse, the Eligible Designated Beneficiary may elect to delay payment under item (B) until December 31 of the calendar year in which the Participant would have reached the applicable age. If the Eligible Designated Beneficiary does not elect a method of distribution as provided above, the Participant's Account(s) shall be distributed in accordance with item (A). Effective for calendar years beginning after December 31, 2023, a surviving spouse who is the Participant's sole designated Beneficiary may elect to be treated as if the surviving spouse were the Participant as provided under Code § 401(a)(9)(B)(iv).(iv) Upon either (A) the death of an Eligible Designated Beneficiary before distribution of the Participant's entire Account or (B) the attainment of the age of majority, as defined under the laws of the State of Mississippi, for an Eligible Designated Beneficiary who is a minor child of the Participant, subparagraph (iii) shall no longer apply, and the remainder of the Account shall be distributed under subparagraph (i) or (ii), as applicable.b. For purposes of this Section 7.8, and in accordance with Code Section 401(a)(9)(E)(ii), an "Eligible Designated Beneficiary" is a designated Beneficiary who, as of the date of the death of the Participant, is: (i) the surviving spouse of the Participant;(ii) a child of the Participant who has not reached the age of majority, as defined by the laws of the State of Mississippi;(iii) disabled within the meaning of Code Section 72(m)(7);(iv) chronically ill within the meaning of Code Section 7702B(c)(2) (except that the requirements of subparagraph (A)(i) thereof shall only be treated as met if there is a certification that, as of such date, the period of inability described in such subparagraph with respect to the individual is an indefinite one which is reasonably expected to be lengthy in nature); or(v) any other individual who is not more than ten (10) years younger than the Participant.27 Miss. Code. R. 220-VII-7.8