Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-39 - Rollovers to other plans

Current through Vol. 41, No. 20, July 1, 2024
(a)
Election to rollover.
Notwithstanding any provisions 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 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 retirement plan"
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) that accepts the distributee's eligible rollover
				  distribution. 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 10 years or more; any
				  distribution to the extent such distribution is required under Section
				  401(a)(9) of the Code; or any other distribution which the Internal Revenue
				  Service does not consider eligible for rollover treatment, such as certain
				  corrective distributions necessary to comply with the provisions of Code
				  Section 457 or any distribution that is reasonably expected to total less than
				  $200 during the year.
(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 as described in (c) below, as defined by Code
				  Section 401(a)(9)(E).
(4)
"Direct rollover"
means a payment by the Plan to the eligible
				  retirement plan specified by the Distributee.