11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

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C. Firefighter notice: A Firefighter entitled to an "eligible rollover distribution" must receive a written explanation of the right to a "direct rollover", the tax consequences of not making a "direct rollover", and if applicable, any available special income tax elections. The notice must be provided no less than thirty (30) days and no more than one hundred eighty (180) days before the first day on which the distribution is eligible to be made. The "direct rollover" notice must be provided to all Firefighters, unless the total amount the Firefighter will receive as a distribution during the calendar year is expected to be less than $200. The provisions of this Section shall be effective January 1, 1993. Effective for distributions made after December 31, 2001, for purposes of the direct rollover provisions of the plan, an eligible retirement plan shall also mean an annuity contract described in Code §403(b) and an eligible plan under Code §457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this plan. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code §414(p). If this plan contains after-tax employee contributions, then for purposes of the direct rollover provisions of the plan, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after- tax employee contributions which are not includible in gross income. However, such portion may be paid only to an individual retirement account or annuity described in Code §408(a) or (b), or to a qualified defined contribution plan described in Code §401(a) or Code §403(a) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. For taxable years beginning after December 31, 2006, a Firefighter may elect to transfer employee after-tax contributions by means of a direct rollover to a qualified plan or to a 403(b) plan that agrees to account separately for amounts so transferred (including interest thereon), including accounting separately for the portion of such distribution which is includible in gross income and the portion of such distribution which is not includible in gross income. Effective for distributions made on or after March 28, 2005, in the event of a distribution of an "eligible rollover distribution" greater than $1,000 that is made in accordance with the provisions of the Plan, if the Firefighter does not elect to have such distribution paid directly to an "eligible retirement plan" specified by the Participant in a direct rollover or to receive the distribution directly, then the Board of Trustees shall pay the distribution in a direct rollover to an individual retirement plan designated by the Board of Trustees. 10.03 For distributions after December 31, 2009, a non -spouse beneficiary, only as otherwise permitted by the Fund who is a "designated beneficiary" under Code §401(a)(9)(E) and the Regulations thereunder, by a direct trustee -to -trustee transfer ("direct rollover"), may roll over all or any portion of his or her distribution to an Individual Retirement Account (IRA) the beneficiary establishes for purposes of receiving the 23