19-3-2123. (Effective on occurrence of contingency or July 1, 2002, whichever is earlier) Payout of account balances when terminating plan membership. Any time after termination of covered employment, a member or the member's beneficiary may terminate plan membership by making a written application to the board and removing the member's account balance from the plan through any combination of the following payout options, each of which is subject to applicable regulations of the internal revenue service:
     (1) a direct rollover to an eligible retirement plan or to an individual retirement account or annuity pursuant to section 401(a)(31) of the Internal Revenue Code;
     (2) a regular rollover to an eligible retirement plan pursuant to section 402(c) of the Internal Revenue Code; or
     (3) a lump-sum distribution of the member's account balance.

     History: En. Sec. 56, Ch. 471, L. 1999.