Section XV-103 - Eligible Rollover Distribution (Louisiana Code of Regulations)

§ XV-103. Eligible Rollover Distribution

A. Within a reasonable period of time before making an eligible rollover distribution, the executive director or the assistant executive director of the fund shall provide a written explanation to the recipient of such a distribution explaining the following:

1. the provisions under which the recipient may have the distribution directly transferred to an eligible retirement plan and that the automatic distribution by direct transfer applies to certain distributions in accordance with § 401(a)(31)(B) of the Internal Revenue Code;

2. the provision which requires the withholding of tax on the distribution if it is not directly transferred to an eligible retirement plan;

3. the provisions under which the distribution will not be subject to tax if transferred to an eligible retirement plan within 60 days after the date on which the recipient receives the distribution;

4. the provisions under which distributions from the eligible retirement plan receiving the distribution may be subject to restrictions and tax consequences which are different from those applicable to distributions from the plan making such distribution.

B. For the purposes of this rule, a "reasonable period of time" shall have the meaning assigned to it under § 401(a)(31) of the Internal Revenue Code and the regulations thereunder.

(Promulgated by the Office of the Governor, Sheriffs' Pension and Relief Fund, LR 36:2865 (December 2010))

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:2177.

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