§3695. Direct rollover
A. Notwithstanding any other provision of law to the contrary that would otherwise
limit a member's election under this Section, a member may elect, at the 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 member in a direct
rollover.
B. An "eligible rollover distribution" is any distribution of all or any portion of the
balance to the credit of a member, except that an eligible rollover distribution does not
include:
(1)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 member, or the
joint lives or joint life expectancies of the
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§3695. Direct rollover
A. Notwithstanding any other provision of law to the contrary that would otherwise
limit a member's election under this Section, a member may elect, at the 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 member in a direct
rollover.
B. An "eligible rollover distribution" is any distribution of all or any portion of the
balance to the credit of a member, except that an eligible rollover distribution does not
include:
(1) 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 member, or the
joint lives or joint life expectancies of the member and the member's designated beneficiary,
or for a specified period of ten years or more.
(2) Any distribution to the extent that such distribution is required under Section
401(a)(9) of the Internal Revenue Code.
C. For the purposes of this Section, an "eligible retirement plan" shall mean any of
the following:
(1) An individual retirement account described in Section 408(a) of the Internal
Revenue Code.
(2) An individual retirement annuity described in Section 408(b) of the Internal
Revenue Code.
(3) An annuity plan described in Section 403(a) of the Internal Revenue Code.
(4) A qualified trust as described in Section 401(a) of the Internal Revenue Code,
provided that such trust accepts the member's eligible rollover distribution.
(5) An eligible deferred compensation plan described in Section 457(b) of the
Internal Revenue Code that is maintained by an eligible governmental employer, provided
the plan contains provisions to account separately for amounts transferred into such plan.
(6) An annuity contract described in Section 403(b) of the Internal Revenue Code.
D. A "distributee" as provided for in this Section shall include:
(1) A member or former member.
(2) The member's or former member's surviving spouse, or the member's or former
member's former spouse with whom a benefit or a return of employee contributions is to be
divided pursuant to R.S. 11:291(B), with reference to an interest of the member or former
spouse.
(3) The member's or former member's non-spouse beneficiary, provided the specified
distribution is to an eligible retirement plan as defined in Subsection C of this Section.