Idaho Administrative Code › Title IDAPA 59 - PERSI (Public Employee Retirement System of Idaho) › Rule 59.02.01 - RULES FOR THE JUDGES' RETIREMENT FUND › Subchapter B - DISTRIBUTIONS › Section 59.02.01.103 - ROLLOVER DISTRIBUTIONS

Current through August 31, 2023
01.
Direct Rollovers
. A Member of the Judges' Retirement Fund or a beneficiary of a Member (including a Member's former spouse who is the alternate payee under an approved domestic relations order) who is entitled to an eligible rollover distribution may elect, at the time and in the manner prescribed by the Administrator, to have all or any portion of the distribution paid directly to an eligible retirement plan specified by the Member in a direct rollover. Effective January 1, 2006, in the event of a mandatory distribution greater than one thousand dollars ($1,000), if the Member does not elect to have such distribution paid directly to an eligible retirement plan specified by the Member in a direct rollover or to receive the distribution directly, then the plan administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the plan administrator. (3-31-22)
02.
Eligible Rollover Distribution Defined
. For purposes of this Rule, an eligible rollover distribution means any distribution of all or any portion of a Member's account balance, except that an eligible rollover distribution does not include (a) any installment payment for a period of ten (10) years or more, (b) any distribution made as a result of an unforeseeable emergency, or (c) for any other distribution, the portion, if any, of the distribution that is a required minimum distribution under Code section  401(a)(9). In addition, an eligible retirement plan means an individual retirement account described in section  408(a)  of the Code, an individual retirement annuity described in section  408(b)  of the Code, a qualified trust described in section  401(a)  of the Code, an annuity plan described in section  403(a)  or  403(b)  of the Code, or an eligible governmental plan described in section  457(b)  of the Code, that accepts the eligible rollover distribution. Effective January 1, 2008, an eligible retirement plan shall also mean a Roth IRA described in section  408A  of the Code. (3-31-22)
03.
After-Tax Contributions
. For purposes of the direct rollover provisions in Rule  103.01, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions that are not includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in section  408(a) or (b)  of the Code, or to a qualified defined contribution plan described in section  401(a)  or  403(a)  of the Code that agrees to separately account for the amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. (3-31-22)
04.
Alternate Payees
. A distributee includes an employee or former employee. In addition, the employee's or former employee's surviving spouse and the employee's or former employee's spouse or former spouse, who is the alternate payee under a domestic retirement order, approved as provided in Rule  402  are distributees with regard to the interest of the spouse or former spouse. (3-31-22)
05.
Transfers to Non-Spouse Beneficiaries
. This Rule  103.05  applies to distributions made on or after July 1, 2008. Notwithstanding any provision of the Judges' Retirement Fund to the contrary that would otherwise limit the options of the Beneficiary of a deceased Member who is not the Member's spouse, the administrator shall, upon the request of such a Beneficiary transfer a lump sum distribution to the trustee of an individual retirement account established under Section  408  of the Code in accordance with the provisions of Code section  402(e)(11). (3-31-22)