Louisiana Administrative Code
Title 58 - RETIREMENT
Part XV - Sheriffs' Pension and Relief Fund
Chapter 1 - General Provisions
Section XV-103 - Eligible Rollover Distribution
Universal Citation: LA Admin Code XV-103
Current through Register Vol. 50, No. 9, September 20, 2024
A. Within a reasonable period of time before making an eligible rollover distribution, the executive director or the assistant executive director of the fund shall provide a written explanation to the recipient of such a distribution explaining the following:
1. the provisions under which the recipient
may have the distribution directly transferred to an eligible retirement plan
and that the automatic distribution by direct transfer applies to certain
distributions in accordance with §401(a)(31)(B) of the Internal Revenue
Code;
2. the provision
which requires the withholding of tax on the distribution if it is not directly
transferred to an eligible retirement plan;
3. the provisions under which the
distribution will not be subject to tax if transferred to an eligible
retirement plan within 60 days after the date on which the recipient receives
the distribution;
4. the provisions
under which distributions from the eligible retirement plan receiving the
distribution may be subject to restrictions and tax consequences which are
different from those applicable to distributions from the plan making such
distribution.
B. For the purposes of this rule, a "reasonable period of time" shall have the meaning assigned to it under §401(a)(31) of the Internal Revenue Code and the regulations thereunder.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:2177.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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