Code of Massachusetts Regulations
807 CMR - TEACHERS' RETIREMENT BOARD
Title 807 CMR 12.00 - ROLLOVER DISTRIBUTIONS AND TURST TO TRUST TRANSFERS
Section 12.02 - Rollovers into the Plan

Universal Citation: 807 MA Code of Regs 807.12

Current through Register 1531, September 27, 2024

(1) The Board may accept any portion of an Eligible Rollover Distribution in payment of all or a portion of a member's purchase of service credit or service buybacks under M.G.L. c. 32, §§ 1 through 28, or of a member's accelerated Retirement Plus contributions. The Board may accept an Eligible Rollover Distribution paid directly to the system in a Direct Rollover. Rollovers from other permissible sources will be allowed to the extent permitted by law, subject to any conditions, proofs, or acceptance the Board or its designee deems appropriate.

The following definitions shall apply to 807 CMR 12.02.

(2) Direct Rollover is a payment from an Eligible Retirement Plan specified by the member to the system.

(3) Eligible Retirement Plan is any program defined in Internal Revenue Code Sections 401(a)(31) and 402(c)(8)(B), from which the member has a right to an Eligible Rollover Distribution, as follows:

(a) an individual retirement account under Internal Revenue Code Section 408(a);

(b) an individual retirement annuity under Internal Revenue Code Section 408(b) (other than an endowment contract);

(c) a qualified plan under Internal Revenue Code Section 401(a) or an annuity plan under Internal Revenue Code Section 403(a);

(d) an eligible deferred compensation plan under Internal Revenue Code Section 457(b) which is maintained by a state, a political subdivision of a state, or any agency or instrumentality of a state or a political subdivision of a state; and

(e) an annuity contract under Internal Revenue Code Section 403(b).

(4) Eligible Rollover Distribution is any distribution of all or any portion of the balance to the credit of the member from an Eligible Retirement Plan. An Eligible Rollover Distribution does not include:

(a) 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;

(b) any distribution to the extent such distribution is required under Internal Revenue Code Section 401(a)(9);

(c) any distribution which is made upon hardship of the member; or

(d) the portion of any distribution that is not includable in gross income.

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