Louisiana Administrative Code › Title 58 - RETIREMENT › Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity › Chapter 5 - Direct Rollovers › Section V-501 - Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. Notwithstanding
				any provision to the contrary, the fund shall permit a direct rollover of an
				eligible rollover distribution to an eligible retirement plan in accordance
				with section 401(a)(31) of the
Internal Revenue Code
of 1986
				and the terms set forth herein, upon properly completing and filing the
				appropriate administrative forms.
B. Definitions
Direct Rollover
- a payment by this fund to
				  the eligible retirement plan specified by the distributee.
Distributee
- includes a member or former
				  member. In addition, the member's or former member's surviving spouse and the
				  member's or former member's spouse or former spouse who is the alternate payee
				  under a qualified domestic relations order, as defined in section 414(p) of the
				  code, are distributees with regard to the interest of the spouse or former
				  spouse. A distributee also includes, for distributions on and after January 1,
				  2010, a non-spouse beneficiary properly designated by the member.
Eligible Retirement Plan
- an individual
				  retirement account described in section 408(a) of the code, an individual
				  retirement annuity described in section 408(b) of the code, an annuity plan
				  described in section 403(a) of the code, or a qualified trust described in
				  section 401(a) of the code, that accepts the distributee's eligible rollover
				  distribution. However, in the case of an eligible rollover distribution to the
				  surviving spouse, an eligible retirement plan is an individual retirement
				  account or individual retirement annuity. An eligible retirement plan also
				  shall include an annuity contract described in Code §403(b) and an eligible
				  plan under code §457(b), which is maintained by a state, political subdivision
				  of a state, or any agency or instrumentality of a state or political
				  subdivision of a state and which agrees to separately account for amounts
				  transferred into such plan from this plan. Effective for distributions made
				  after January 1, 2008, an eligible retirement plan shall also include a Roth
				  Individual Retirement Account or Roth Individual Retirement Annuity described
				  in section 408A of the code.
a. In the
				case of a non-spouse beneficiary, an eligible retirement plan is an individual
				retirement account or annuity described in section 408(a) of the code, or
				section 408(b) of the code ("IRA") or, for distributions made after December
				31, 2009, a Roth Individual Retirement Account or annuity described in section
				408A of the code, that is established on behalf of the designated beneficiary
				and that will be treated as an inherited IRA pursuant to the provisions of
				section 402(c)(11) of the code.
Eligible Rollover Distribution
- any
				  distribution of all or any portion of the balance to the credit of the
				  distributee, except that an eligible rollover distribution does not
				  include:
a. any distribution that is
				one of a series of substantially equal periodic payments (not less frequently
				than annually) made for the life (or life expectancy) of the distributee or the
				joint lives (or joint life expectancies) of the distributee and the
				distributee's designated beneficiary, or for a specified period of 10 years or
				more;
b. any distribution to the
				extent such distribution is required under section 401(a)(9) of the code;
				and
c. any distribution totaling
				less than $200 during the year.