Ga. Comp. R. & Regs. R. 513-5-1-.60 - Purchase of Service Credit with Rollover Contributions

Effective January 1, 2002, the TRSGA Board of Trustees will accept rollovers or transfers from other types of plans for the purchase of eligible service credit as allowed by the Internal Revenue Service in the Internal Revenue Code. Prior to January 1, 2002 but after July 1, 1987, the TRSGA Board of Trustees only accepted regular rollover contributions and after-tax contributions from members in payment for the purchase of eligible service credit. A "regular rollover" occurred when an individual rolls over the taxable portion of their distributions to a conduit IRA, which is separate and apart from the individual's regular contributory IRA. Any rollover or transfer of contributions plus the interest earned on those contributions will be included in the member's gross income when distributions are made from TRSGA.

Notes

Ga. Comp. R. & Regs. R. 513-5-1-.60

O.C.G.A. Sec. 47-3-26.

Original Rule entitled "Purchase of Service Credit with Rollover Contributions" adopted. F. July 28, 1995; eff. August 17, 1995. Amended: F. Dec. 5, 2001; eff. Dec. 25, 2001.