Direct transfers of eligible rollover distributions.
San José Municipal Code § 3.32.085
in effect3.32.085 - Direct transfers of eligible rollover distributions.
A. If, under the provisions of this chapter, a person becomes entitled to an eligible rollover distribution, the person may elect to have the distribution or any portion thereof paid directly to an eligible retirement plan specified by the person.
B. The election made pursuant to this section shall be in accordance with terms and conditions established by the board.
C. Upon the exercise of the election by a person pursuant to this section, the distribution from the retirement fund of the amount designated by the person, once distributable under the provisions of this chapter, shall be made in the form of a direct transfer to the eligible retirement plan so specified.
D. For the purposes of this section, "eligible rollover distribution" means a distribution from the retirement fund which constitutes an eligible rollover distribution within the meaning of Section 401(a)(31)(C) of the Internal Revenue Code.
E. For purposes of this section, "eligible retirement plan" means a plan which constitutes an eligible retirement plan within the meaning of Section 401(a)(31)(D) of the Internal Revenue Code.
(Ord. 24814.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.32POFIDEREPL_3.32.085DITRELRODIFetched: 11/1/2026