Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-36 - Rollovers to eligible retirement plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Election to rollover.
Notwithstanding any provision of the Plan to
				  the contrary that would otherwise limit a distributee's election under this
				  Section, a distributee may elect, at the time and in the manner prescribed by
				  OPERS, to have any portion of an eligible rollover distribution paid directly
				  to an eligible retirement plan specified by the distributee in a direct
				  rollover.
(b)
Definitions.
As used in this section:
(1) "Eligible rollover distribution" means
				  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:
				  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; any distribution to the extent such
				  distribution is required under Code Section 401(a)(9); the portion of any other
				  distribution(s) that is not includible in gross income, except to the extent
				  provided by paragraph (c) of this section; and any amount that is distributed
				  on account of hardship shall not be an eligible rollover distribution and the
				  distributee may not elect to have any portion of such a distribution paid
				  directly to an eligible retirement plan.
(2) "Eligible retirement plan" means an
				  individual retirement account described in Code Section 408(a), an individual
				  retirement annuity described in Code Section 408(b), or a qualified trust
				  described in Code Section 401(a), or Roth individual annuity (if the individual
				  is eligible for a Roth rollover) described in Code Section 408(A)(e), that
				  accepts the distributee's eligible rollover distribution. An eligible
				  retirement plan shall also mean an annuity contract described in Code Section
				  403(b) and an eligible plan under 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 Plan. Effective for
				  distributions made after December 18, 2015, an eligible retirement plan
				  includes a SIMPLE IRA as described in Code § 408(p), provided that the rollover
				  contribution is made after the two-year period beginning on the date the
				  distributee first participated in any qualified salary reduction arrangement
				  maintained by the distributee's employer under Code § 408(p)(2), as described
				  in Code § 72(t)(6). 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 relation order, as
				  defined in Code Section 414(p).
(3)
				  "Distributee" means a Participant. In addition, the Participant or the
				  Participant's surviving spouse are distributees with regard to the interest of
				  the spouse. For the limited purposes set forth in paragraph (d) of this
				  section, distributee means a non-spouse beneficiary.
(4) "Direct rollover" means a payment by the
				  Plan to the eligible retirement plan specified by the distributee.