You have several distribution options. First, select when to begin minimum distributions. You have four choices:
Have the distributions begin the year the owner reaches age where RMDs are required
Have the owner defer minimum distributions one year
Have the owner retire after age that RMDs are required; or
Have the owner make TEFRA 242 election. The TEFRA 242 designation allows a plan owner to delay commencement of benefits until actual retirement, even if it occurs after age that RMDs are required. It assumes a catch-up distribution for the years that were deferred after the age that RMDs are required year.