OAR 459-005-0595
Limitations — Direct Rollovers

(1)

Notwithstanding any provision to the contrary in OAR 459-005-0590 (General Provisions and Applicability Date — Direct Rollovers) to 459-005-0599 (Election Procedures — Direct Rollovers), a distributee’s right to elect a direct rollover is subject to the following limitations:

(a)

A distributee may elect to have an eligible rollover distribution paid in a direct rollover to only one eligible retirement plan.

(b)

A distributee may elect a direct rollover only when his or her eligible rollover distribution(s) during a calendar year is reasonably expected to total $200 or more.

(c)

A distributee may elect to have part of an eligible rollover distribution be paid directly to the distributee, and to have part of the distribution paid as a direct rollover only if the member elects to have at least $500 transferred to the eligible retirement plan.

(2)

Intentionally left blank —Ed.

(a)

The provisions of subsection (1)(a) apply to any portion of a distribution, including after-tax employee contributions that are not includible in gross income.

(b)

Any portion of a distribution that consists of after-tax employee contributions that are not includible in gross income may be transferred only to:

(A)

An individual retirement account or annuity described in Code Section 408(a) or (b), including a Roth IRA; or

(B)

An annuity contract described in Code Section 403(b) or a qualified defined contribution or defined benefit plan that agrees to separately account for the amounts transferred, including separate accounting for the pre-tax and post-tax amounts.

(c)

The amount transferred shall be treated as consisting first of the portion of the distribution that is includible in gross income, determined without regard to Code Section 402(c)(1).

(3)

The provisions of this rule are effective on January 1, 2008.

Source: Rule 459-005-0595 — Limitations — Direct Rollovers, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=459-005-0595.

459‑005‑0001
Definitions, Generally 459‑005‑0005
Amendments to Retirement Law 459‑005‑0010
Public Employees Retirement Fund, A Trust 459‑005‑0025
Student Employee 459‑005‑0030
Payments of Sums to Persons Entitled Thereto 459‑005‑0040
Verification of Retirement Data 459‑005‑0055
Actuarial Equivalency Factors 459‑005‑0060
Standards for the Adoption of New Actuarial Equivalency Factors 459‑005‑0100
Definitions — Member’s Fiduciary 459‑005‑0110
Fiduciary Document Requirements 459‑005‑0130
Termination of Member’s Fiduciary 459‑005‑0140
Permissible Actions Under A Fiduciary Document 459‑005‑0150
Effective Date of Fiduciary Document Rules 459‑005‑0180
Incapacity of Members, Beneficiaries, and Alternate Payees 459‑005‑0210
Transmittal of Reports and Documents 459‑005‑0215
Transmittal of Remittances or Payments 459‑005‑0220
Receipt Date for Reports, Documents, Remittances, Payments, Data, and Requests 459‑005‑0225
Requirement to Make Payments by Electronic Funds Transfer 459‑005‑0250
Recovery of Administrative Costs 459‑005‑0260
Accounts Receivable — Fraud 459‑005‑0300
Post-Doctoral Scholar 459‑005‑0310
Date of Participation and Transfer of Employee Funds to the Optional Retirement Plan 459‑005‑0350
Membership Status of Persons in Concurrent Employment Eligible to Participate in an Optional or Alternative Retirement Plan 459‑005‑0370
Date of Participation and Transfer of Employee Funds to an Alternative Retirement Plan — OHSU 459‑005‑0400
General Applicability of Attorney General’s Model Public Contract Rules 459‑005‑0506
Plan Compliance with Federal Statutes and Regulations 459‑005‑0510
Cost-of-Living Adjustment 459‑005‑0525
Ceiling on Compensation for Purposes of Contributions and Benefits 459‑005‑0530
Limitation for Employers with Multiple Retirement Plans — for Contributions and Distributions Before January 1, 2000 459‑005‑0535
Annual Benefit Limitation 459‑005‑0540
Permissive Service Credit 459‑005‑0545
Annual Addition Limitation 459‑005‑0560
Required Minimum Distributions, Generally 459‑005‑0580
Trustee-to-Trustee Transfers 459‑005‑0590
General Provisions and Applicability Date — Direct Rollovers 459‑005‑0591
Definitions — Direct Rollovers 459‑005‑0595
Limitations — Direct Rollovers 459‑005‑0599
Election Procedures — Direct Rollovers 459‑005‑0600
Precedence for Pre-Tax and Post-Tax Deductions from Benefit Payment 459‑005‑0605
Reimbursement for Medical Records Requested by PERS 459‑005‑0610
Recovery of Overpayments 459‑005‑0615
Minimum Retroactive Payment 459‑005‑0620
Uncollectible Debt Owed to PERS
Last Updated

Jun. 8, 2021

Rule 459-005-0595’s source at or​.us