2006 Louisiana Laws - RS 11:1337 — Direct rollover of eligible rollover distributions

§1337.  Direct rollover of eligible rollover distributions

A.  Notwithstanding any provision of this Title to the contrary that would otherwise limit a distributee's election under this Section, a distributee may, at the time and in the manner prescribed by the board, elect to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.  For this purpose, an eligible rollover distribution is any distribution made on or after July 1, 2003, of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution shall not include:

(1)  Any equal periodic payments made not less frequently than annually, either for the life or life expectancy of the distributee or the joint lives or joint life expectancies of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more.

(2)  Any distribution to the extent such distribution is required under Section 401(a)(9) of the Internal Revenue Code.

(3)  The portion of any distribution that is not includable in gross income.

B.  An eligible retirement plan is an individual retirement account described in Section 408(b) of the Internal Revenue Code, a Section 403(b) annuity of the Internal Revenue Code, a Section 457 plan of the Internal Revenue Code, an individual retirement annuity described in Section 408(a) of the Internal Revenue Code, or a qualified trust described in Section 401(a) of the Internal Revenue Code, that accepts the distributee's eligible rollover distribution.  The member's or former member's surviving spouse and the member's or former member's spouse or former spouse who is an alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Internal Revenue Code, are distributees with regard to the interest of the spouse or former spouse.  A direct rollover is a payment by this system's pension plan to the eligible retirement plan specified by the distributee.

Acts 2003, No. 876, §1, eff. July 1, 2003.