Okla. Admin. Code § 590:40-9-38

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

Section 590:40-9-38 - Rollover contributions to the plan

(a)Eligible Rollover Contributions. A Participant or Employee who is entitled to receive an eligible rollover distribution from another eligible retirement plan may request to have all or a portion of the eligible rollover distribution paid to the Plan as eligible rollover contributions, unless the distributing eligible retirement plan account includes funds previously transferred or rolled-over which require tax accounting or distribution rules that are different from those contained in this Plan.

(b)Roth Rollover Contribution. Notwithstanding any other provisions in the Plan to the contrary, effective June 1, 2023, the Plan shall accept Roth Rollover Contributions from a Roth account under an applicable retirement plan in accordance with Code Section 402A(e)(l) only if it is a direct rollover and only to the extent the rollover is permitted under the rules of Code Section 402(c).

(c)Separate Accounts. The Plan shall establish and maintain for the Participant separate accounts for any:

(1) Eligible rollover contributions or Roth Rollover Contributions paid to the Plan;

(2) Eligible Roth rollover contributions paid to the Plan from any eligible retirement plan including an eligible governmental plan under Code Section 457(b); and

(3) Eligible rollover contributions paid to the Plan from an eligible governmental plan under Code Section 457(b).

Okla. Admin. Code § 590:40-9-38

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

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023