Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 50 - DEFERRED COMPENSATION
Section 459-050-0076 - In-Plan Roth Conversion
Universal Citation: OR Admin Rules 459-050-0076
Current through Register Vol. 63, No. 9, September 1, 2024
(1) Definitions. For purposes of this rule:
(a)
"Distributee" means:
(A) A Deferred
Compensation Plan participant;
(B)
The surviving spouse of a deceased participant; or
(C) The spouse or former spouse who is the
alternate payee under a domestic relations order that satisfies the
requirements of ORS 243.507.
(b) "In-Plan Roth Conversion" means payment
by the Deferred Compensation Program directly from the Deferred Compensation
Account to the Designated Roth Account as instructed by the Distributee and in
compliance with IRC Section 402A(c)(4).
(2) Limitations.
(a) If a Distributee elects an In-Plan Roth
Conversion, the Distributee may not roll the money back to the Deferred
Compensation Account at a later date.
(b) Once completed, all balances from any
In-Plan Roth Conversion shall be accounted for individually and separately
within the Designated Roth Account.
(3) 402(f) Notice and Election Procedure.
(a) For a Distributee making an In-Plan Roth
Conversion after severance of employment, the Deferred Compensation Program
staff shall provide such Distributee with a written explanation of the direct
rollover rules for any eligible distribution, as required by IRC Section
402(f).
(b) An In-Plan Roth
Conversion election shall be in writing and must be signed by the Distributee
or by his or her authorized representative pursuant to a valid power of
attorney. The election must be on forms furnished by the Deferred Compensation
Program.
Stat. Auth.: ORS 243.470
Stats. Implemented: ORS 243.462
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