3309-1-53 Rollover distributions and trustee-to-trustee transfers.

 

 

 

3309-1-53                    Purchase of service credit by rollover distribution.

 

 

 

(A)   For purpose of SERS rules, "eligible rollover distribution" means all or any portion of a taxable amount that qualifies as an eligible rollover distribution under section 402(c)(4) of the Internal Revenue Code of 1986, as amended and is paid to a member or the surviving spouse of the member from either:

 

(1)   Another employer plan qualified under section 401(a) of the Internal Revenue Code;

 

(2)   An individual retirement account, or annuity other than an endowment contract, under section 408 of the Internal Revenue Code;

 

(3)   A tax-sheltered annuity under section 403(b) of the Internal Revenue Code;

 

(4)   A governmental deferred compensation plan under section 457 of the Internal Revenue Code; or

 

(5)   An annuity plan under section 403(a) of the Internal Revenue Code.

 

(B)

 

(1)   The school employees retirement system may accept rollover distributions only for the purchase of service credit pursuant to section 3309.021, 3309.022, 3309.26, 3309.301, 3309.31, 3309.311, 3309.451, 3309.47, 3309.473, 3309.73, 3309.731 or 3309.75 of the Revised Code or for the payment of back contributions under rule 3309-1-13 of the Administrative Code.

 

(2)    A member or surviving spouse of a member must be otherwise eligible to purchase the service credit or pay the back contributions pursuant to Chapter 3309. of the Revised Code and SERS rules.

 

(3)   The amount of the rollover distribution accepted by the retirement system shall not exceed the cost of the service to be purchased.

 

(C) A member who is entitled to a distribution from the retirement system that qualifies as an eligible rollover distribution pursuant to sections 401(a)(31) and 402(f)(2)(A) of the Internal Revenue Code, as amended, may request that the distribution be paid in a direct rollover to another eligible retirement plan to the extent permitted by section 401(a)(31) of the Internal Revenue Code, as amended.

 

 

 

 

 

 

3309-1-53                                                                                                                              2

Effective:                                                     05/11/2006

R.C. 119.032 review dates:                         01/23/2006 and 02/01/2011

CERTIFIED ELECTRONICALLY

Certification

05/01/2006

Date

Promulgated Under:                           111.15

Statutory Authority:                           3309.04

Rule Amplifies:                                  3309.021, 3309.022, 3309.26, 3309.301, 3309.31,

3309.311, 3309.451, 3309.46, 3309.47, 3309.473,

3309.73, 3309.731, 3309.75

Prior Effective Dates:                         3/7/97, 5/2/01, 4/5/02