Louisiana Administrative Code › Title 58 - RETIREMENT › Part XIX - Assessors' Retirement Fund › Chapter 1 - General Provisions › Section XIX-105 - Accumulated Contributions, Rollovers

Current through Register Vol. 50, No. 6, June 20, 2024
A. As provided in
				R.S.
				11:1457(C), the following
				definitions are revised.
2009 RMDs of a Participant or Beneficiary
-
				  amounts that the participant or beneficiary would have been required to receive
				  as a required minimum distribution under IRC §401(a)(9) for the 2009
				  distribution calendar year.
Distributee
-
a. a person who is distributed benefits from the plan and
				  shall include an employee or former employee. In addition:
i. 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 qualified domestic relations order, as defined in IRC
				  §414(p), are
distributees
with regard to the interest of the
				  spouse or former spouse;
ii. a nonspouse beneficiary as designated by the member.
Eligible Retirement Plan
-
a. an eligible plan under IRC §457(b) that 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 that agrees to separately account
				  for amounts transferred into such plan from this plan, an individual
				  retirement account described in IRC §408(a), an individual retirement annuity
				  described in IRC §408(b), an annuity plan described in IRC §403(a), an annuity
				  contract described in IRC §403(b), or a qualified plan described in IRC
				  §401(a), that accepts the distributee's eligible rollover distribution;
b. shall also apply in the case of a distribution to a
				  surviving spouse, or to a spouse or former spouse who is the alternate payee
				  under a qualified domestic relations order.
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.
i.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 distribute and the distributee's designated beneficiary;
				  or
ii. for a specified period of 10 years or more;
b. any distribution to the extent such distributions is
				  required under IRC §401(a)(9);
c. any hardship distribution attributable to elective
				  deferrals;
d. the portion of any distribution that is not includible in
				  gross income (determined without regard to the exclusion for net unrealized
				  appreciation with respect to employer securities); and
e. any other distribution(s) that is reasonably expected to
				  total less than $200 during a year.
B. Eligible Retirement Plan
1. Effective for distributions on or after
				January 1, 2007:
a. eligible retirement plan
				shall include the individual retirement account or annuity in the name of the
				deceased participant for the benefit of a nonspouse beneficiary, who receives
				an eligible rollover distribution from the plan on account of the death of a
				participant, provided that the individual retirement account or annuity is
				treated as an inherited IRA and that the minimum distribution rules applicable
				in the event the IRA owner dies before the entire interest is distributed shall
				apply to the transferee IRA and the transferee IRA does not provide the
				beneficiaries with the special rules for surviving spouse
				beneficiaries;
b. a Roth IRA is an
				eligible retirement plan with respect to distributions from the Fund that do
				not consist of designated Roth accounts, so long as the restrictions that apply
				to a transfer from a traditional IRA (non-Roth) to a Roth IRA are satisfied.