§ 32.003 ACCEPTANCE OF TRANSFERS.

   (A)   The employer shall credit to a participant’s account the amount transferred from another eligible deferred compensation plan (within the meaning of I.R.C. § 457(b)).

   (B)   Any transferred amount is not treated as contributions subject to the limitation of §§ 32.001 and 32.002, except for the amount of deferred compensation during the participant’s taxable year in which the transfer occurred which is treated as deferred compensation subject to the limitation of §§ 32.001 and 32.002.

   (C)   The amount of any deferred compensation under the plan from which the transfer is made shall be taken into account in computing the catch-up limitation under § 32.002 to the extent required by § 32.002.

(Ord. NIRC 97-1, passed 1-15-1997)