Ill. Admin. Code tit. 80 § 1650.480

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1650.480 - Rollovers to the System

a) The System will accept rollovers to purchase optional service credit, repay refunds, or pay any other employee contribution authorized by Article 16 of the Pension Code [40 ILCS 5 /Art. 16].

b) Members are required to establish an account or accounts receivable with the System prior to initiating a rollover. The amount of the rollover cannot exceed the amount due the System.

c) The System will accept member rollover contributions and/or direct rollovers of distributions as defined in 26 USC 402(f)(2)(A).

d) Prior to accepting a rollover, the System may require the member to establish that the amounts to be transferred to the System meet the requirements of this Section, and may also require the member to provide an opinion of counsel satisfactory to the System that the amounts to be transferred meet the requirements of this Section.

e) The System's acceptance of a rollover shall be subject to any applicable regulations, procedures, or other guidance issued by the Internal Revenue Service.

Ill. Admin. Code tit. 80, § 1650.480

Amended at 32 Ill. Reg. 13534, effective August 6, 2008