Louisiana Administrative Code › Title 32 - EMPLOYEE BENEFITS › Part VII - Public Employee Deferred Compensation › Subpart 1 - Deferred Compensation Plan › Chapter 7 - Distributions › Section VII-721 - Transfers and Rollovers

Current through Register Vol. 50, No. 6, June 20, 2024
A. Transfers
				  Into the Plan. At the direction of the employer, the administrator may permit a
				  class of participants who are participants in another eligible governmental
				  plan under code §457(b) to transfer assets to the plan. Such a transfer is
				  permitted only if the other plan provides for the direct transfer of each
				  participant's interest therein to the plan. The administrator may require in
				  its sole discretion that the transfer be in cash. The administrator may require
				  such documentation from the other plan as it deems necessary to effectuate the
				  transfer in accordance with code §457(e)(10) and treasury regulation
				  §1. 457-10(b) and to confirm that the other plan is an eligible
				  governmental plan as defined in treasury regulation §1. 457-2(f). The
				  amount so transferred shall be credited to the participant's account balance
				  and shall be held, accounted for, administered and otherwise treated in the
				  same manner as an annual deferral by the participant under the plan, except
				  that the transferred amount shall not be considered an annual deferral under
				  the plan in determining the maximum deferral under article III.
B. In-Service Transfers from the Plan. If a
				  participant separates from service prior to his or her required beginning date,
				  and becomes a participant in an eligible deferred compensation plan of another
				  governmental employer, and provided that payments under this plan have not
				  begun, such participant may request a transfer of his or her account to the
				  eligible deferred compensation plan of the other employer. Requests for such
				  transfers must be made in writing to the commission and shall be granted in the
				  sole discretion of the commission. If an amount is to be transferred pursuant
				  to this provision, the commission shall transfer such amount directly to the
				  eligible deferred compensation plan of the other employer. Amounts transferred
				  to another eligible deferred compensation plan shall be treated as distributed
				  from this plan and this plan shall have no further responsibility to the
				  participant or any beneficiary with respect to the amount
				  transferred.
C.Section 3121
				  Participant Transfers. If a participant was formerly a section 3121
				  participant, then the plan shall accept assets representing amounts deferred
				  under §323 of this
				  plan, provided the participant remains an employee.
D. Rollovers to the Plan
1. The plan shall accept a rollover
				  contribution on behalf of a participant or employee who may become a
				  participant. A rollover contribution, for purposes of this Subsection, is an
				  eligible rollover contribution (as defined in IRC §402(f)(2)) from any:
a. plan qualified under IRC §401(a) or
				  403(a);
b. tax-sheltered annuity or
				  custodial account described in IRC §403(b);
c. individual retirement account or annuity
				  described in IRC §408;
d.
				  eligible deferred compensation plan described in IRC §457(b)