Ill. Admin. Code tit. 80 § 1540.195
Current through Register Vol. 48, No. 52, December 27, 2024
The System shall pay all benefits in accordance with a reasonable good faith interpretation of the requirements of section 401(a)(9) of the Internal Revenue Code. When the System is required to make a mandatory distribution pursuant to that section and the member is eligible to receive either a retirement annuity or a refund, but fails to make the required election within 60 days after the System sends out the election form, the member shall be deemed to have elected a refund.
Ill. Admin. Code tit. 80, § 1540.195