Louisiana Administrative Code › Title 58 - RETIREMENT › Part XI - Parochial Employees' Retirement System › Chapter 1 - General Provisions › Section XI-103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following
				definitions shall apply in this Part.
Direct Rollover
-a payment by the plan to the
				  eligible retirement plan specified by the distributee.
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
				  alternative payee under a qualified domestic relations order, as defined in
Internal Revenue Code
Section 414(p), are distributees with
				  regard to the interest of the spouse or former spouse.
Eligible Retirement Plan
-an individual
				  retirement account described in
Internal Revenue Code
Section
				  408(a), an individual retirement annuity described in Section 408(b), an
				  annuity plan described in
Internal Revenue Code
Section
				  403(a), or a qualified trust described in
Internal Revenue
				  Code
Section 401(a), that accepts the distributee's eligible rollover
				  distributions. 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 shall
				  also mean an annuity contract described in
Internal Revenue
				  Code
Section 403(b) and an eligible plan under
Internal Revenue
				  Code
Section 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 system. The definition of eligible
				  retirement plan 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
-
a.
iany distribution of all or any portion of the balance to the
				  credit of the distributee, except that an eligible rollover distribution does
				  not include:
ii. 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;
iii. any distribution to the extent such distribution is
				  required under
Internal Revenue Code
Section 401(a)(9);
iv. the portion of any distribution that is not includable in
				  gross income, determined without regard to the exclusion for net unrealized
				  appreciation with respect to employer securities;
v. a hardship distribution.
b. A portion of a distribution shall not fail to be an
				  eligible rollover distribution merely because the portion consists of after-tax
				  employee contributions which are not includible in gross income. However, such
				  portion may be paid only to an individual retirement account or annuity
				  described in Section 408(a) or (b) of the Code, or to a qualified defined
				  contribution or qualified defined benefit plan described in Code Section 401(a)
				  that agrees to separately account for 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.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  11:1931.