Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-9 - Rollovers to eligible retirement plan

Current through Vol. 41, No. 20, July 1, 2024
(a) 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
				the Plan Administrator, 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 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 ten 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 effective
				for distributions made after December 31, 2001, 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)
				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 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.