§ 5-4 — Rollover contributions

§ 5-4. Rollover contributions.

(a) In general. (1) Subject to the requirements of this section, a member may make 1 or more rollover contributions to the Retirement Savings Plan. (2) As soon as administratively practicable after a rollover contribution is made, the contribution will be credited to the member’s Rollover Contribution Sub-Account. (b) Required submissions. A member who wishes to make a rollover contribution must: (1) file a request with the Board of Trustees in the form required by the Board; and (2) establish to the satisfaction of the Board that amounts intended to be rolled over satisfy the conditions of subsection (c) of this section. (c) Conditions of rollover. Every rollover contribution must be: (1) either: (i) an “eligible rollover distribution” as defined in IRC § 402(f)(2)(A), including eligible distributions of designated Roth contributions described in IRC § 402a(c)(3); or (ii) eligible for rollover treatment under IRC § 408(d)(3), including eligible distribution from a Roth IRA described in IRC § 408(a) eligible for rollover treatment under IRC § 408(d)(3), including eligible distributions from a Roth IRA described in IRC § 408(a). (2) made solely in cash; (3) distributed from: (i) a qualified plan under IRC § 401(a) or §403(a), except that amounts rolled over may not include nondeductible or after-tax contributions; (ii) a tax-sheltered annuity under IRC § 403(b); (iii) an eligible plan under IRC § 457(b) that is maintained by a state, a political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; or (iv) an individual retirement account under IRC § 408(a) or an individual retirement annuity under IRC § 408(b), except that amounts rolled over may not include nondeductible or after-tax contributions; and (4) either transferred directly to the Retirement Savings Plan or, within 60 days of its receipt, contributed to the Plan by the member.

(Ord. 20-458; Ord. 14-216.)