Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 5 - Establishing Other Service Credits › Section 715:10-5-32 - Roll-overs from other qualified plans or conduit IRAs

Current through Vol. 41, No. 20, July 1, 2024
Credit for past service, including redeposits of withdrawn
				  Oklahoma service, defined in this subchapter, contribution deficit payments
				  provided for by 70 O.S. §
									17-116.2C
				  or balances due as authorized under 70 O.S. §
									17-116.2,
				  may be purchased with roll-overs from another retirement plan if allowed by the
				  Internal Revenue Code. This includes "conduit IRAs" which have been established
				  with funds received from a 401(a) plan distribution for the purpose of holding
				  the funds separate until a rollover can be consummated, traditional IRAs,
				  403(b) tax-deferred annuity plans, 401(k) and 457 deferred compensation plans.
				  For a roll-over payment to be accepted by Teachers' Retirement the following
				  conditions must be met:
(1) The member
				should contact Teachers' Retirement to obtain a billing statement for the
				service to be purchased and convey the intent to make total or partial payment
				by a roll-over.
(2) The member must
				obtain written documentation from the originating institution verifying the
				amount of the distribution and that the monies came from a qualified plan under
				the Internal Revenue Code.
(3) The
				roll-over check from the qualified plan must be made payable to the Oklahoma
				Teachers' Retirement System, For Benefit Of and the member's name. The member
				must deliver the check to Teachers' Retirement with the required documentation
				and the billing statement for the service to be purchased. Teachers' Retirement
				will only accept payment for the amount of the billing statement. If the
				distribution from the originating institution is greater than the billing, the
				originating institution must be willing to generate a check payable to
				Teachers' Retirement for the exact amount of the billing statement. If the
				distribution from the originating institution is less than the billing, a
				personal check or cashier's check must accompany the roll-over proceeds, or the
				member may pay the balance through an installment payment plan. Payments in
				excess of the billing will not be accepted.
(4) A receipt for the payment will be issued
				after Teachers' Retirement has determined all documentation and the appropriate
				amount of funds have been received.
(5) Roll-overs must comply fully with the
				Internal Revenue Code and applicable Internal Revenue Service
				regulations.
Added at 10 Ok Reg 4829,
				  eff 9-17-93 through 7-14-94 (emergency)1; Added at
				  11 Ok Reg 4251, eff 7-25-94; Amended at 19 Ok Reg 2729, eff 7-11-02; Amended at
				  20 Ok Reg 382, eff 10-16-02 (emergency); Amended at 20 Ok Reg 2596, eff
				  7-11-03; Added at 24 Ok Reg 220, eff 10-31-06 (emergency); Amended at 24 Ok Reg
				  1692, eff 6-11-07
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-94 (after the 7-14-94 expiration of the emergency action), the text of
				  section 715:10-5-32 was no longer effective, and remained as such until added
				  by permanent action on 7-25-94.