Code of Massachusetts Regulations
941 CMR - STATE BOARD OF RETIREMENT
Title 941 CMR 3.00 - Rollover Distributions and Payment for Purchase of Creditable Service
Section 3.03 - Rollovers from the Plan
Current through Register 1537, December 20, 2024
(1) The following definitions apply to 941 CMR 3.03:
Direct Rollover. A payment by the Board to the Eligible Retirement Plan specified by the Distributee in a manner satisfying 26 I.R.C. § 401(a)(31).
Distributee. Any employee or former employee, as well as the employee's or former employee's surviving spouse (as defined by federal law), or to a spouse or former spouse who is an alternate payee (as defined by 26 I.R.C. § 414(p)), who is entitled to an Eligible Rollover Distribution from the Board. Effective January 1, 2007, a Distributee also includes a non-spousal beneficiary who is a designated beneficiary under 26 I.R.C. § 401(a)(9)(E) and is entitled to an Eligible Rollover Distribution from the Board, but only with respect to an Eligible Retirement Plan that is an individual retirement account under 26 I.R.C. § 408(a) or an individual retirement annuity under 26 I.R.C. § 408(b) (other than an endowment contract), or a Roth IRA under 26 I.R.C. § 408A, established for the purpose of receiving the distribution and the account or annuity will be treated as an inherited account or annuity.
Eligible Retirement Plan. Any of the following programs that accepts the Distributee's Eligible Rollover Distribution:
Eligible Rollover Distribution. Any distribution under M.G.L. c. 32 of all or any portion of the balance to the credit of the Distributee, except that an Eligible Rollover Distribution does not include:
(2) A Distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover.