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- Alaska Statutes.
- Title 22. Judiciary
- Chapter 25. Retirement and Death Benefits
- Section 22. Rollover Distributions and Rollover Contributions.
previous: Section 21
. Distribution Requirements.
next: Section 23
. Limitation On Benefits; Maximum Annual Compensation.
AS 22.25.022. Rollover Distributions and Rollover Contributions.
- (a) A distributee may elect, at the time and in the manner prescribed by the administrator, to have all or part of an
eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in the direct
- (b) The system does not accept contributions of eligible rollover distributions.
- (c) In this section,
- (1) "direct rollover" means the payment of an eligible rollover distribution by the system to an eligible retirement plan
specified by a distributee who is eligible to elect a direct rollover;
- (2) "distributee" means a member or a beneficiary who is the surviving spouse of the member or an alternative payee;
- (3) "eligible retirement plan" means
- (A) an individual retirement account described in 26 U.S.C. 408(a);
- (B) an individual retirement annuity defined in 26 U.S.C. 408(b);
- (C) an annuity plan described in 26 U.S.C. 403(a);
- (D) a qualified trust described in 26 U.S.C. 401(a);
- (E) on and after January 1, 2002, an annuity plan described in 26 U.S.C. 403(b); or
- (F) on or after January 1, 2002, a governmental plan described in 26 U.S.C. 457(b); and
- (G) on or after January 1, 2008, a Roth IRA described in 26 U.S.C. 408 A;
- (4) "eligible rollover distribution" means a distribution of all or part of a total account to a distributee, except for
- (A) a distribution that is one of a series of substantially equal installments payable not less frequently than annually
over the life expectancy of the distributee or the joint and last survivor life expectancy of the distributee and the
distributee's designated beneficiary, as defined in 26 U.S.C. 401(a)(9);
- (B) a distribution that is one of a series of substantially equal installments payable not less frequently than annually
over a specified period of 10 years or more;
- (C) a distribution that is required under 26 U.S.C. 401(a)(9);
- (D) the portion of any distribution that is not includable in gross income; however, a portion under this
subparagraph may be transferred only to an individual retirement account or annuity described in 26 U.S.C. 408(a) or (b), to a qualified
plan described in 26 U.S.C. 401(a) or 403(a), or to an annuity contract described in 26 U.S.C. 403(b), that agrees to separately account
for amounts transferred, including separately accounting for the portion of the distribution that is includable in gross income and the
portion of the distribution that is not includable in gross income; and
- (E) other distributions that are reasonably expected to total less than $200 during a year.
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