(a) Definitions. In this section, the following terms have the meanings indicated.
(1) "Eligible rollover distribution" has the meaning given such term in Internal Revenue Code § 401(a)(31)(d).
(2) "Eligible retirement plan" has the meaning given such term in Internal Revenue Code § 401(a)(31)(e).
(3) "Distributee" includes the participant and the participant's surviving spouse. In addition, "distributee" includes the participant's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Internal Revenue Code § 414(p), with respect to the payee's interest under the plan. In addition, for distributions to an eligible retirement plan that is an individual retirement account described in Internal Revenue Code § 408(a) or an individual retirement annuity described in Internal Revenue Code § 408(b), other than an endowment contract, "distributee" also includes the participant's surviving non-spouse beneficiary who is a designated beneficiary within the meaning of Internal Revenue Code § 401(a)(9)(e).
(b) Election. Notwithstanding any other provision of this title, any distributee who is to receive an eligible rollover distribution may elect the direct trustee-to-trustee rollover of the distribution to an eligible retirement plan. A direct rollover election must be made pursuant to the procedures established by the Plan Administrator and must specify the eligible retirement plan to which the direct rollover is to be made. If the distributee elects a direct rollover as permitted hereunder, the Plan Administrator shall make the rollover as elected.
(Bill No. 95-17)