§ 708. Direct rollover.

For eligible rollover distributions, a distributee may elect, at the time and in the manner prescribed by the Board of Trustees, to have any portion of the distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. For purposes of applying this section, the following definitions shall apply:

A.

Eligible Retirement Plan. An eligible retirement plan is an individual retirement account described in Section 408(a) of the Internal Revenue Code of 1986, as amended, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code or a qualified trust described in Section 401(a) of the Code, that accepts the distributee's eligible rollover distribution. Effective January 1, 2002, an eligible retirement plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state or agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Code Section 414(p). Effective January 1, 2008, an eligible retirement plan shall also mean a Roth IRA described in Section 408A(b) of the Internal Revenue Code, subject to any applicable limits described in Section 408A(c) of the Internal Revenue Code.

B.

Distributee. A distributee includes an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse.

C.

Direct Rollover. A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee.

D.

Eligible Rollover Distribution. Any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one (1) of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includable in gross income. For distributions made after December 31, 2007, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions which are not includable in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Internal Revenue Code, or in a direct trustee-to-trustee transfer to a qualified trust described in Section 401(a) of the Internal Revenue Code which is exempt from tax under Section 501(a) of the Internal Revenue Code or to an annuity contract described in Section 403(b) of the Internal Revenue Code, provided such trust or contract provides for separate accounting for amounts so transferred (and earnings thereon), including separate accounting for the portion of such distribution which is includable in gross income and the portion of such distribution which is not so includable.

(Ord. Nos. 18364, 20497; Ord. No. 21971, § 2, 12-11-2008; Ord. No. 22626, § 4, 2-2-2012)