New York Codes, Rules and Regulations › Title 21 - Miscellaneous › Chapter LVIII - New York State Teachers' Retirement System › Part 5022 - Direct Rollover Of Eligible Rollover Distributions › Section 5022.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Eligible
				rollover distribution. An eligible rollover distribution is any distribution of
				all or any portion of the balance to the credit of the distributee, except an
				eligible rollover distribution does not include any distribution which, under
				the Internal Revenue Code or any regulations thereunder, may not be rolled
				over, such as: any distribution which 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; any distribution to the extent
				such distribution is required by section
				401(a)(9) of the Internal
				Revenue Code; and the portion of any distribution that is not includible in
				gross income. Anything in the foregoing to the contrary notwithstanding, in the
				case of distributions made after December 31, 2001, 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 transferred only to an individual
				retirement account or annuity described in section
				408(a) or (b) of the
				Internal Revenue Code or to a qualified defined contribution plan described in
				section 401(a) or
				403(a) of the Internal
				Revenue Code 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.
(b) Eligible retirement
				plan. An eligible retirement plan is, as permitted under section
				401(a)(31) of the Internal
				Revenue Code or any regulation thereunder, an individual retirement account
				described in section 408(a)
				of the Internal Revenue Code, an individual retirement annuity described in
				section 408(b) of the Internal
				Revenue Code, an annuity plan described in section
				403(a) of the Internal
				Revenue Code, or a qualified trust described in section
				401(a) of the Internal
				Revenue Code that accepts a distributee's eligible rollover distribution.
				However, in the case of an eligible rollover distribution to a surviving
				spouse, an eligible retirement plan is an individual retirement account or an
				individual retirement annuity. Anything in the foregoing to the contrary
				notwithstanding, in the case of distributions made after December 31, 2001:
(1) an eligible retirement plan shall include
				an annuity contract described in section
				403(b) of the Internal
				Revenue Code and an eligible plan under section
				457(b) of the Internal
				Revenue Code 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 the system; and
(2) the
				definition of eligible retirement plan shall also apply in the case of a
				distribution to a surviving spouse or former spouse who is the alternate payee
				under a qualified domestic relations order as defined in section
				414(p) of the Internal
				Revenue Code.