19-20-703. Payments to be monthly -- required minimum distributions. (1) All retirement allowances must be paid in equal monthly installments.

(2) Except as provided in subsection (5), the retirement allowance may commence:

(a) no earlier than the first day of the month following the member's termination date or on the first day of the month following the date when the member first becomes eligible, whichever date is later; or

(b) if requested by the inactive member in writing:

(i) on the first day of a later month; or

(ii) on the first day of the month following the member's 60th birthday.

(3) (a) Distribution of an inactive member's benefit must begin, or a refund of the member's accumulated contributions must be made, by the required minimum distribution beginning date.

(b) The required minimum distribution beginning date is the later of:

(i) April 1 following the calendar year in which the member terminates employment in all teachers' retirement system reportable positions; or

(ii) April 1 following the calendar year in which the member attains the age of:

(A) 70 1/2 if the member was born before July 1, 1949;

(B) 72 if the member was born between July 1, 1949, and December 31, 1950;

(C) 73 if the member was born between January 1, 1951, and December 31, 1959; or

(D) 75 if the member was born on or after January 1, 1960.

(c) If the member fails to apply to receive retirement benefits by the required minimum distribution beginning date, the retirement system shall begin distribution of the monthly benefit under the monthly benefit option described in 19-20-702(3)(a)(i) without consideration of the member's age.

(4) The life expectancy of a member or the member's joint annuitant may not be recalculated after benefits commence.

(5) If a member terminates within 30 days of the last day of the school year, the member is considered to have terminated at the end of the member's contract, and the retirement allowance may not commence earlier than the first day of the month following the last scheduled pupil-instruction day or pupil-instruction-related day as described in 20-1-304, whichever is later.