Memphis Code of Ordinances § 4-34-52 City's 457(b) plan.
Sec. 4-34-52. - City's 457(b) plan.
A. Rollover of participant accounts attributable to participant's compensation from the city's 457(b) plan. To the extent permitted by the Internal Revenue Code, a participant of the 2016 Plan entitled to a benefit under section 4-34-31, section 4-34-32, or section 4-34-33 who also participates in the city's 457(b) plan may, upon such participant's termination of employment with the city but prior to the participant's annuity commencement date, transfer from the participant's 457(b) account by direct rollover to this 2016 Plan any portion or all of the amounts in the participant's 457(b) account attributable to the contributions made by the participant and/or the city with respect to the compensation of the participant from the city, provided such transfer will not jeopardize the tax exempt status of this plan. Any amounts in a participant's account rolled over by the participant from a 457(b) or other employee benefit plan of an employer other than the city (except as provided below with respect to the Memphis and Shelby County Airport Authority) may not be rolled over to this 2016 Plan. The transferred amount shall be set up in a separate account to be known as a "rollover account." Such rollover account shall be fully vested at all times and shall not be subject to forfeiture. Such rollover account shall be held pursuant to the provisions of this 2016 plan and shall not be withdrawn by or distributed to the participant except as provided in this 2016 Plan.
To the extent an employee of the Memphis and Shelby County Airport Authority who participates in the city's 457(b) plan also participates in this 2016 Plan and is entitled to a benefit under section 4-34-31, section 4-34-32, or section 4-34-33 of this 2016 Plan, such participant may from the participant's 457(b) account in the city's 457(b) plan by direct rollover transfer to this 2016 Plan any portion or all of the amounts in the participant's 457(b) account attributable to the contributions made by the participant and/or the Memphis and Shelby County Airport Authority with respect to the compensation of the participant from the Memphis and Shelby County Airport Authority, to the extent the Memphis and Shelby County Airport Authority makes contributions to this 2016 Plan with respect to such participant and provided such transfer will not jeopardize the tax exempt status of this plan. The transferred amount shall be set up in a separate account to be known as a "rollover account." Such rollover account shall be fully vested at all times and shall not be subject to forfeiture. Such rollover account shall be held pursuant to the provisions of this 2016 plan and shall not be withdrawn by or distributed to the participant except as provided in this 2016 Plan.
B. Distribution of rollover account as part of accrued benefit. At the participant's normal retirement date, or such other date when the participant shall be entitled to receive benefits under section 4-34-31, section 4-34-32, or section 4-34-33, the value of the rollover account shall be combined with the participant's cash balance account and defined contribution account to provide additional monthly benefits to the participant as provided herein.
(Ord. No. 5573, § III, 12-16-2014; Ord. No. 5763, § 1(25-260), 12-15-2020)