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Chicago Park Disrict Human Resources Policy and Procedures ...

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Deferred Compensation (Continued)<br />

An active employee may be able to make a withdrawal from his/her account due to an<br />

unforeseeable emergency, which results in a severe financial hardship as defined by the Internal<br />

Revenue Code.<br />

Upon termination of employment, payment will commence no earlier than 31 days after the<br />

termination date. Within 60 days from the termination date, the employee must make a written<br />

election to receive a lump sum payment, equal monthly installments up to 15 years or a series of<br />

monthly payments on an annuity basis. All benefits are payable within 60 days of termination of<br />

employment (or death), or such later fixed or determinable time irrevocably elected by the<br />

participant (or beneficiary).<br />

The <strong>Chicago</strong> <strong>Park</strong> District Deferred Compensation Plan was established by section 457 of the<br />

Internal Revenue Code <strong>and</strong> is subject to the regulations issued there under. Fund balances may<br />

only be rolled over to another 457(b) plan.<br />

If you have any questions, contact <strong>Human</strong> <strong>Resources</strong> at (312) 742-4565 or Great West Retirement<br />

Services 1-800-701-8255.<br />

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