Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 11 - Withdrawal From Membership and Refund of Deposits › Section 715:10-11-7 - Rollovers from TRS to other eligible retirement plans

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding any other provision of
				the administrative code that otherwise would limit a distributee's election to
				make a direct rollover, a distributee may elect at the time and in the manner
				prescribed by the Board of Trustees to have all or a portion of an eligible
				rollover distribution paid directly to another eligible retirement plan as a
				direct rollover as required under Internal Revenue Code Section 401(a)(31) and
				the regulations thereto.
(b) The
				following definitions shall apply for purposes of the words and phrases used in
				this Section:
(1) An "eligible rollover
				distribution" includes 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 the following:
(A) any
				distribution that is one of a series of substantially equal periodic payments,
				paid 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 joint annuitant .
(B) any distribution that is one of a series
				of substantially equal periodic payments for a specified period of ten years or
				more.
(C) any distribution to the
				extent such distribution is required under Internal Revenue Code Section
				401(1)(9).
(D) the portion of any
				distribution that is not includable in gross income.
(E) any distributions during a year that are
				reasonably expected to total less than $200.
(F) Effective January 1, 2002, the definition
				of eligible rollover distribution also includes a distribution to a surviving
				spouse, or to a spouse or former spouse who is an alternate payee under a
				qualified domestic relations order, as defined in Internal Revenue Code Section
				414(p) and OAC
				715:10-25-1.
(G) Effective January 1, 2002, a portion of a
				distribution will not fail to be an eligible rollover distribution merely
				because the portion consists of after-tax employee contributions that are not
				includible in gross income. However, such portion may be transferred only
(i) to an individual retirement account or
				annuity described in Internal Revenue Code Section 408(a) or (b) or to a
				qualified defined contribution plan described in Internal Revenue Code Section
				401(a) that agrees to separately account for amounts so transferred (and
				earnings thereon), including separately accounting for the portion of the
				distribution that is includible in gross income and the portion of the
				distribution that is not so includible;
(ii) on or after January 1, 2007, to a
				qualified defined benefit plan described in Internal Revenue Code Section
				401(a) or to an annuity contract described in Internal Revenue Code Section
				403(b), that agrees to separately account for amounts so transferred (and
				earnings thereon), including separately accounting for the portion of the
				distribution that is includible in gross income and the portion of the
				distribution that is not so includible; or
(H) on or after January 1, 2008, to a Roth
				IRA described in Internal Revenue Code Section 408A.