Code of Massachusetts Regulations
840 CMR - PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION
Title 840 CMR 13.00 - Rollovers For Service Purchases And Buybacks
Section 13.01 - Acceptance of Pre-tax Rollovers from "Eligible Retirement Plans"
Current through Register 1531, September 27, 2024
The following provisions are intended to enable public employees in Massachusetts to take advantage of the expanded tax-deferred roll-over opportunities permitting the purchase of creditable service from assets held in other tax-deferred retirement plans.
(1) A Retirement 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 pursuant to M.G.L. c. 32, §§ 1 through 28 and § 105. A Retirement 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 Retirement Board deems appropriate.
(2) The following definitions shall apply to 840 CMR 13.01:
Direct Rollover is a payment from an Eligible Retirement Plan specified by the member and made directly to the Retirement System.
Eligible Retirement Plan is any program defined in Code Sections 401(a)(31) and 402(c)(8)(B), from which the member has a right to an Eligible Rollover Distribution, as follows:
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: