Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 5 - ADMINISTRATION
Section 459-005-0591 - Definitions - Direct Rollovers
Current through Register Vol. 63, No. 3, March 1, 2024
As used in OAR 459-005-0590 to 459-005-0599 the following words and phrases shall have the following meanings:
(1) "Code" means the Internal Revenue Code of 1986, as amended.
(2) A "direct rollover" means the payment of an eligible rollover distribution by PERS to an eligible retirement plan specified by the distributee.
(3) A "distributee" includes a PERS member, the surviving spouse of a deceased PERS member, a non-spouse beneficiary of the member that is a designated beneficiary under Code Section 402(c)(11), and the current or former spouse of a PERS member who is the alternate payee under a domestic relations order that satisfies the requirements of ORS 238.465 and the rules adopted thereunder.
(4) An "eligible retirement plan" means any one of the following:
(5) An "eligible rollover distribution" means any distribution of all or any portion of a distributee's PERS benefit, except that an eligible rollover distribution shall not include:
(6) A "recipient plan" means an eligible retirement plan that is designated by a distributee to receive a direct rollover.
(7) The provisions of this rule are effective on January 1, 2008.
Stat. Auth.: ORS 238.650 & 238A.450
Stats. Implemented: ORS 238 & 238A