Haw. Code R. § 14-44-21 - When payable; earliest and latest dates; suspension of benefits

(a) Benefits under the plan shall be paid or made available to the participant no earlier than:

(1) Separation from service when an employee is no longer employed by an employer under the plan due to termination, retirement, or death;

(2) The occurrence of an unforeseeable emergency as provided in sections 14-44-30 to 14-44-33; or

(3) The occurrence of a public health emergency or pandemic during which federal tax relief assistance is made available, and as provided in sections 14-44-44 to 14-44-45.

(b) In the event of a qualified domestic relations order, the administrator may commence the payment of benefits pursuant to the terms of the qualified domestic relations order.

(c) Payment of benefits shall commence no later than sixty days after the close of the calendar year in which the participant separates from service or the participant attains or would have attained normal retirement age as defined in section 14-44-23, whichever is later.

(d) In the event a participant has begun receiving benefits under the plan after retiring, and subsequently becomes reemployed by an employer, payment of benefits shall be automatically suspended, and benefits shall commence when the employee is no longer employed by the employer.

(e) Notwithstanding section 14-44-21 (a), a participant may elect to receive, or the board may direct the administrator to distribute without the participant's consent, the total amount payable to a participant under the plan if:

(1) The total amount payable to a participant does not exceed the dollar limit specified in section 411(a)(11)(A) of the Code;

(2) The participant has not deferred any compensation under the plan during the two-year period immediately prior to the date of distribution; and

(3) The participant has not previously received a distribution under the plan as allowed in this subsection.

An election by a participant shall be made on a distribution request form, which shall be filed with the administrator and subject to the administrator's approval. Any distribution approved or directed under this subsection shall supersede all prior conflicting elections made by a participant.

Notes

Haw. Code R. § 14-44-21

[Eff. 5/12/83; am JAN 05 1998] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3) Am and comp 10/7/2023