Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 5 - ADMINISTRATION
Section 459-005-0595 - Limitations - Direct Rollovers
Universal Citation: OR Admin Rules 459-005-0595
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Notwithstanding any provision to the contrary in OAR 459-005-0590 to 459-005-0599, a distributee's right to elect a direct rollover is subject to the following limitations:
(a) A distributee
may elect to have an eligible rollover distribution paid in a direct rollover
to only one eligible retirement plan.
(b) A distributee may elect a direct rollover
only when his or her eligible rollover distribution(s) during a calendar year
is reasonably expected to total $200 or more.
(c) A distributee may elect to have part of
an eligible rollover distribution be paid directly to the distributee, and to
have part of the distribution paid as a direct rollover only if the member
elects to have at least $500 transferred to the eligible retirement
plan.
(2)
(a) The provisions of subsection (1)(a) apply
to any portion of a distribution, including after-tax employee contributions
that are not includible in gross income.
(b) Any portion of a distribution that
consists of after-tax employee contributions that are not includible in gross
income may be transferred only to:
(A) An
individual retirement account or annuity described in Code Section 408(a) or
(b), including a Roth IRA; or
(B)
An annuity contract described in Code Section 403(b) or a qualified defined
contribution or defined benefit plan that agrees to separately account for the
amounts transferred, including separate accounting for the pre-tax and post-tax
amounts.
(c) The amount
transferred shall be treated as consisting first of the portion of the
distribution that is includible in gross income, determined without regard to
Code Section 402(c)(1).
(3) The provisions of this rule are effective on January 1, 2008.
Stat. Auth.: ORS 238.650 & 238A.450
Stats. Implemented: ORS 238 & 238A
Disclaimer: These regulations may not be the most recent version. Oregon 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.