(a) Trustee-to-Trustee Transfers. The Board of Administration may, notwithstanding any restrictions upon the method of such payment specified elsewhere, provide, by rule, that any member eligible to:
(1) make up back contributions;
(2) re-deposit contributions;
(3) buy back service credit;
(4) make up contributions for periods during which Workers’ Compensation was received,
(5) make additional contributions to purchase a larger annuity, provided it is determined cost-neutral by the actuary; or
(6) make any other payment in order to receive an increased benefit, may make full or partial payment for these purposes by a direct trustee-to-trustee transfer of funds from any eligible retirement plan (as defined in Section 402(c)(8)(B) of the Internal Revenue Code) as permitted under current federal and state law or under these laws as amended in the future. Should this transfer constitute a partial payment, any additional payment received in a lump sum shall, together with the amount transferred, directly be considered one payment for purposes of this Article.
(b) Certain Actions. Except as otherwise expressly provided, wherever the provisions of this Article call for an “election,” “application” or “option” or other act to be performed by any person receiving or entitled to receive benefits pursuant to this Article, it shall be within the power of the Board of Administration to establish all necessary rules with respect to the time, manner and operative date of such act.
(c) Charter Authority. Pursuant to Charter Section 1106(f), the Board shall have the power to adopt any rules, regulations or forms it deems necessary to carry out its administration of the Retirement System or assets under its control.
SECTION HISTORY
Added by Ord. No. 182,629, Eff. 7-25-13.