Added by Stats. 1999, Ch. 307, Sec. 4. Effective January 1, 2000.
(a)Distributions from the plan shall be made as soon as practicable after the first valuation date immediately following the date of the request for distribution calculated based upon the valuation date immediately preceding the distribution.
(b)Notwithstanding Chapter 3 (commencing with Section 13100) of Part 1 of Division 8 of the Probate Code or any other law to the contrary, the death benefit payable under the plan may be requested by the beneficiary and paid as soon as practicable following receipt of proof of the participant’s death.
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Other sections in Chapter 12 - Distributions and Rollovers