Louisiana Administrative Code
Title 58 - RETIREMENT
Part V - Firefighters' Pension and Relief Fund for the City of New Orleans and Vicinity
Chapter 5 - Direct Rollovers
Section V-501 - Requirements

A. Notwithstanding any provision to the contrary, the fund shall permit a direct rollover of an eligible rollover distribution to an eligible retirement plan in accordance with section 401(a)(31) of the Internal Revenue Code of 1986 and the terms set forth herein, upon properly completing and filing the appropriate administrative forms.

B. Definitions

Direct Rollover - a payment by this fund to the eligible retirement plan specified by the distributee.

Distributee - includes a member or former member. In addition, the member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in section 414(p) of the code, are distributees with regard to the interest of the spouse or former spouse. A distributee also includes, for distributions on and after January 1, 2010, a non-spouse beneficiary properly designated by the member.

Eligible Retirement Plan - an individual retirement account described in section 408(a) of the code, an individual retirement annuity described in section 408(b) of the code, an annuity plan described in section 403(a) of the code, or a qualified trust described in section 401(a) of the code, that accepts the distributee's eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. An eligible retirement plan also shall include an annuity contract described in Code §403(b) and an eligible plan under code §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 January 1, 2008, an eligible retirement plan shall also include a Roth Individual Retirement Account or Roth Individual Retirement Annuity described in section 408A of the code.

C. Notice. A distributee entitled to an eligible rollover distribution must receive a written explanation of his/her right to a direct rollover, the tax consequences of not making a direct rollover, and, if applicable, any available special income tax elections and consequences. The notice must be provided within a reasonable period of time before the date of distribution of the pension benefit. The direct rollover notice must be provided to all distributees, unless the total amount of the distribution during the calendar year is expected to be less than $200.