(a) Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the plan administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.
(b) Definitions. In this section:
(1) ELIGIBLE ROLLOVER DISTRIBUTION means 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:
(A) any distribution that is one 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 10 years or more;
(B) any distribution to the extent such distribution is required under Section 401(a)(9) of the Internal Revenue Code; or
(C) any distribution that is made upon hardship of the employee.
(2) ELIGIBLE RETIREMENT PLAN means an individual retirement account described in Section 408(a) of the Internal Revenue Code, an individual retirement annuity described in Section 408(b) of the Internal Revenue Code, an annuity plan described in Section 403(a) of the Internal Revenue Code, an eligible deferred compensation plan that is maintained by an eligible employer described in Section 457(e)(1) of the Internal Revenue Code, an annuity contract described in Section 403(b) of the Internal Revenue Code, or a qualified trust described in Section 401(a) of the Internal Revenue Code, that accepts the distributee's eligible rollover distribution. An eligible retirement plan means only an individual retirement account or individual retirement annuity in the case of an eligible rollover distribution for a designated beneficiary that is not:
(A) the surviving spouse; or
(B) an alternate payee under a qualified domestic relations order who is a spouse or former spouse.
(3) DISTRIBUTEE means:
(A) an employee or former employee;
(B) the employee or former employee's surviving spouse;
(C) an alternate payee under a qualified domestic relations order who is the employee or former employee's spouse or former spouse, but only with regard to the interest of the spouse or former spouse under the qualified domestic relations order; or
(D) the employee or former employee's designated beneficiary.
(4) DIRECT ROLLOVER means a payment by the plan to the eligible retirement plan specified by the distributee.
(5) DESIGNATED BENEFICIARY means an individual who is designated to receive an eligible rollover distribution. (Ord. Nos. 21582; 25818; 28739; 30162)