Or. Admin. Code § 459-005-0599 - Election Procedures - Direct Rollovers
(1) PERS staff shall provide each distributee
with a written explanation of the direct rollover rules for any eligible
distribution, as required by Code Section 402(f). In addition to the general
explanation required by Code Section 402(f), the written explanation shall
include the following information:
(a) A
statement that the distributee has the right to consider the decision of
whether or not to elect a direct rollover for at least 30 days after the notice
is provided;
(b) An explanation of
the default rule set forth in section (5) of this rule; and
(c) An explanation of the notice and election
rules for periodic payments that are eligible rollover distributions.
(2) Except as otherwise provided
in sections (4) and (6) of this rule, an eligible rollover distribution shall
not be paid, either to the distributee or to a recipient plan, less than 30
days or more than 180 days after the distributee has been provided with the
written explanation described in section (1) of this rule.
(3)
(a) Any
direct rollover election shall be in writing and must be signed by the
distributee or by his or her authorized representative pursuant to a valid
power of attorney as described in OAR
459-005-0100 to
459-005-0140. The direct
rollover election may be on forms furnished by PERS, or on forms submitted by
recipient plan which shall include:
(A)
Distributee's full name;
(B)
Distributee's social security number;
(C) Percentage of amount eligible for
transfer (whole percent), or the dollar amount (in whole dollars);
(D) The distributee's account number with
recipient plan, if available;
(E)
Name and complete mailing address of recipient plan; and
(F) If the distributee is a non-spouse
beneficiary of the member, the title of the recipient IRA account.
(b) The election shall include or
be accompanied by a statement by the recipient plan's plan administrator that
the plan will accept the direct rollover for the benefit of the distributee,
including whether or not the recipient plan will accept, and account for
separately, after-tax dollars.
(4) If a distributee affirmatively elects a
distribution after having received the written election described in section
(1) of this rule, PERS may make the distribution even if the initial 30-day
period described in section (2) of this rule has not expired.
(5) If a distributee fails to affirmatively
elect to make or not to make a direct rollover within at least 30 and no more
than 180 days after notice is provided as described in section (1) of this
rule, PERS shall pay the eligible rollover distribution directly to the
distributee.
(6) Any series of
payments that are eligible rollover distributions shall be governed by the
provisions of sections (1), (2), (3), (4), and (5) of this rule for each
payment made.
(7) For the purposes
of this rule, "effective date of payment" means:
(a) The date inscribed on check or warrant;
or
(b) The date of an electronic
transfer/transaction to the recipient plan.
(8) The provisions of this rule are effective
on January 1, 2007.
Notes
Stat. Auth.: ORS 238.650 & 238A.4500
Stats. Implemented: ORS 238, 238A
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