Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-12 - Rollovers

Current through Vol. 41, No. 20, July 1, 2024
(a) For purposes of
				compliance with Section 401(a)(31) of the Internal Revenue Code, this section
				applies notwithstanding any contrary provision or retirement law that would
				otherwise limit a distributee's election to make a rollover. A distributee may
				elect, at a time and in the manner prescribed by the Board of Trustees, 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) "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 the 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 Section 401(a)(9) of the Internal Revenue Code;
				the portion of any distribution that is not includible in gross income; and any
				other distribution that is reasonably expected to total less than Two Hundred
				Dollars ($200.00) during the year. 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 Section 414(p) of the
				Internal Revenue Code.
(c)
				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:
(1) To an
				individual retirement account or annuity described in Section 408(a) or (b) of
				the Internal Revenue Code or to a qualified defined contribution plan described
				in Section 401(a) of the Internal Revenue Code 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;
(2) on or after January 1, 2007, to a
				qualified defined benefit plan described in Section 401(a) of the Internal
				Revenue Code or to an annuity contract described in Section 403(b) of the
				Internal Revenue Code, 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
(3) on or after January 1, 2008, to a Roth
				IRA described in Section 408A of the Internal Revenue Code.