Or. Admin. Code § 459-050-0076

Current through Register Vol. 63, No. 12, December 1, 2024

Section 459-050-0076 - In-Plan Roth Conversion

(1) Definitions. For purposes of this rule:

(a) "Distributee" means:

(A) A Deferred Compensation Plan participant;

(B) The surviving spouse of a deceased participant; or

(C) The spouse or former spouse who is the alternate payee under a domestic relations order that satisfies the requirements of ORS 243.507.

(b) "In-Plan Roth Conversion" means payment by the Deferred Compensation Program directly from the Deferred Compensation Account to the Designated Roth Account as instructed by the Distributee and in compliance with IRC Section 402A(c)(4).

(2) Limitations.

(a) If a Distributee elects an In-Plan Roth Conversion, the Distributee may not roll the money back to the Deferred Compensation Account at a later date.

(b) Once completed, all balances from any In-Plan Roth Conversion shall be accounted for individually and separately within the Designated Roth Account.

(3) 402(f) Notice and Election Procedure.

(a) For a Distributee making an In-Plan Roth Conversion after severance of employment, the Deferred Compensation Program staff shall provide such Distributee with a written explanation of the direct rollover rules for any eligible distribution, as required by IRC Section 402(f).

(b) An In-Plan Roth Conversion election shall be in writing and must be signed by the Distributee or by his or her authorized representative pursuant to a valid power of attorney. The election must be on forms furnished by the Deferred Compensation Program.

Or. Admin. Code § 459-050-0076

PERS 10-2012, f. & cert. ef. 5-24-12; PERS 15-2014, f. & cert. ef. 11/21/2014; PERS 1-2015, f. & cert. ef. 1/8/2015

Stat. Auth.: ORS 243.470

Stats. Implemented: ORS 243.462