Effective July 1, 2002, a member may purchase any service credit permitted under this chapter by means of a direct rollover pursuant to rules adopted by the department and consistent with applicable requirements of the Internal Revenue Code. For purposes of this section, a "direct rollover" means a transfer to the system of an eligible rollover distribution from a qualified plan, including an eligible rollover distribution of qualified plan assets made through a conduit eligible retirement plan, all as described under the Internal Revenue Code. The amount of the direct rollover into the system cannot exceed the cost of the service purchase by a member under this chapter. Once a direct rollover is made, the member must forfeit the applicable service credit under the qualified plan from which the eligible rollover distribution is received.
2000 Acts, ch 1077, §72
Implementation of section contingent upon approval of system's qualified status by federal internal revenue service under Internal Revenue Code section 401(a); 2000 Acts, ch 1077, § 82
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