Okla. Admin. Code § 590:40-7-10

Current through Vol. 42, No. 8, January 2, 2025

Section 590:40-7-10 - Rollover contributions

(a)Rollovers into Plan. Participants who maintain an Account in the Plan may make rollover contributions to this Plan, provided such rollover contributions meet the requirements under Code Sections 402(c)(4), 403(a)(4), or 408(d)(3), or any other applicable section of the Code or regulations.

(b)Acceptance of rollovers from eligible employer plans. The Plan shall accept direct rollovers of eligible pre-tax rollover distributions excluding after-tax employee contributions from the following types of plans:

(1) a qualified plan described in Code Section 401(a) or 403(a);

(2) an annuity contract described in Code Section 403(b); and

(3) an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state.

(c)Acceptance of pre-tax rollover distribution. The Plan shall accept a Participant contribution of an eligible pre-tax rollover distribution excluding after-tax employee contributions, from the following types of plans:

(1) a qualified plan described in Code Section 401(a) or 403(a);

(2) an annuity contract described in Code Section 403(b); and

(3) an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state.

(d)Acceptance of pre-tax distribution from IRA or annuity. The Plan shall accept a Participant rollover contribution of the portion of a pre-tax distribution from an individual retirement account or annuity described in Code Section 408(a) or 408(b) that is eligible to be rolled over and would otherwise be includable in gross income.

Okla. Admin. Code § 590:40-7-10

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015