Section 2700.680  Rollovers to the Plan

a)         A Participant who is an Employee and who is entitled to receive an eligible rollover distribution from another eligible retirement plan may request to have all or a portion of the eligible rollover distribution paid to the Plan.

b)         The Department may require documentation from the distributing plan as it deems necessary to effectuate the rollover in accordance with section 402 of the Code and to confirm that the plan is an eligible retirement plan within the meaning of section 402(c)(8)(B) of the Code.

c)         For purposes of this Section, an eligible rollover distribution means any distribution of all or any portion of a Participant's benefit under another eligible retirement plan, except that an eligible rollover distribution does not include:

1)         any installment payment for a period of 10 years or more;

2)         any distribution made as a result of an Unforeseeable Emergency or other distribution that is made to a Participant; or

3)         for any other distribution, the portion, if any, of that distribution that is a required minimum distribution under section 401(a)(9) of the Code.  Section 401(a)(9) of the Code outlines required distributions and the manner in which those distributions must be made.

d)         In addition, an eligible retirement plan means an individual retirement account described in section 408(b) of the Code, a qualified trust described in section 401(a) of the Code, an annuity plan described in section 403(a) or 403(b) of the Code, or an eligible governmental plan described in section 457(b) of the Code that accepts the eligible rollover distribution.

e)         The Plan shall establish and maintain for the Participant a separate account for any eligible rollover distribution paid to the Plan from any eligible retirement plan that is not an eligible governmental plan under section 457(b) of the Code.

f)          In addition, the Plan shall establish and maintain for the Participant a separate account for any eligible rollover distribution paid to the Plan from any eligible retirement plan that is an eligible governmental plan under section 457(b) of the Code.

(Source:  Added at 30 Ill. Reg. 8408, effective April 21, 2006)