§ 5-10.3-12-29 — Rollover contributions; rollover accounts

(a) To the extent permitted by the Internal
Revenue Code and the applicable regulations and guidance, the plan
may accept, on behalf of any member, a rollover distribution from any
of the following:
(1) A qualified plan described in Section 401(a) or Section 403(a)
of the Internal Revenue Code.
(2) An annuity contract or account described in Section 403(b) of
the Internal Revenue Code.
(3) An eligible plan maintained by a state, a political subdivision
of a state, or an agency or instrumentality of a state or political
subdivision of a state under Section 457(b) of the Internal
Revenue Code.
(4) An individual retirement account or annuity described in
Section 408(a) or Section 408(b) of the Internal Revenue Code.
(b) Any amounts rolled over under subsection (a) must be accounted
for in a "rollover account" that is separate from the member's account
in the plan. The member shall be fully vested in the member's rollover
account.
(c) A member may direct the investment of the member's rollover
account into any alternative investment option that the board may make
available to the member's rollover account under section 22 of this
chapter.
(d) A member may withdraw all or part of the member's rollover
account from the plan in a lump sum or direct a rollover to an eligible
retirement plan at any time. Upon attainment of normal retirement age,
in addition to these payment options, the member may withdraw the
member's rollover account as a monthly annuity as established by the
board in accordance with the annuity options that are available for the
member's account in the plan. A member must make a required
withdrawal from the member's account in the plan not later than the
required beginning date under the Internal Revenue Code.

Legislative History

As added by P.L.22-2011, SEC.2. Amended by P.L.179-2018, SEC.10; P.L.27-2019, SEC.10.