Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-17 - Rollovers to other plans

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Effective January 1, 2002, notwithstanding any provisions of the Plan to the
				contrary that would otherwise limit a distributee's election under this
				Section, a distributee may elect 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) As used in this section:
(1) "Eligible retirement plan", for purposes
				of a direct rollover, shall mean a qualified trust described in Section 401(a)
				of the Code, an individual retirement account described in Section 408(a) of
				the Code, an individual retirement annuity described in Section 408(b) of the
				Code, or a Roth individual annuity (if the individual is eligible for a Roth
				rollover) described in Section 408(A)(e) for distributions made after December
				31, 2007, that accepts the distributee's eligible rollover distribution.
				Effective for distributions made after December 31, 2001, an eligible
				retirement plan shall also mean an annuity contract described in Section 403(b)
				of the Code and an eligible plan under Section 457(b) of the 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 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
				relations order, as defined in Section 414(p) of the Code.
(2) "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 (i)
				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 designated beneficiary of the distributee, or for a
				specified period of ten (10) years or more; (ii) any distribution to the extent
				such distribution is required under Section 401(a)(9) of the Code; (iii) 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); or (iv) any amount that is distributed on account of
				hardship.
(3) "Distributee"
				includes a Participant or a Participant's surviving spouse, or for the limited
				purposes set forth in paragraph (c) of this section, a non-spouse
				beneficiary.