2006 Louisiana Laws - RS 11:792 — Direct rollover
§792. Direct rollover
A. Notwithstanding any other provision of law to the contrary that would otherwise limit a member's election under this Section, a member may elect, at the time and in the manner prescribed by the Board of Trustees, to have any portion of an "eligible rollover distribution", as specified by the member, paid directly to an "eligible retirement plan", as those terms are defined below.
B. An "eligible rollover distribution" is any distribution of all or any portion of the balance to the credit of a member, except that an eligible rollover distribution does not include:
(1) Any distribution that is one of a series of substantially equal periodic payments, not less frequently than annually, made for the life or life expectancy of the member, or the joint lives or joint life expectancies of the member and the member's designated beneficiary, or for a specified period of ten years or more.
(2) Any distribution to the extent that such distribution is required under Section 401(a)(9) of the United States Internal Revenue Code.
(3) The portion of any distribution that is not includible in gross income.
C.(1) An "eligible retirement plan" shall mean any of the following:
(a) An individual retirement account described in Section 408(a) of the United States Internal Revenue Code.
(b) An individual retirement annuity described in Section 408(b) of the United States Internal Revenue Code.
(c) An annuity plan described in Section 403(a) of the United States Internal Revenue Code.
(d) A qualified trust as described in Section 401(a) of the United States Internal Revenue Code, provided that such trust accepts the member's eligible rollover distribution.
(2) However, in the case of an eligible rollover distribution to the surviving spouse, an "eligible retirement plan" shall mean an individual retirement account or an individual retirement annuity.
D. A "distributee" as provided for in this Section shall include:
(1) A member or former member.
(2) The member's or former member's surviving spouse, or the member's spouse or former member's spouse with whom a benefit or a return of employee contributions is to be divided pursuant to R.S. 11:291(B), are distributees with reference to an interest of the member or former spouse.
E. A "direct rollover" shall mean a payment by the system to the eligible retirement plan specified by the distributee.
F. The provisions of this Section shall apply to all eligible distributions by the system made on or after January 1, 1993.
Acts 1995, No. 586, §1, eff. July 1, 1995.
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