Ill. Admin. Code tit. 74, § 721.540 - Rollovers, Transfers and Conversions
a) At
the direction of the Board, the program administrator shall develop processes
through which a participant or beneficiary may roll over or transfer an account
to a different retirement savings vehicle in accordance with the Internal
Revenue Code. The Program may receive rollovers and transfers from other
retirement savings vehicles in accordance with the Internal Revenue
Code.
b) During a conversion from
one program administrator to another, the program administrator shall take all
commercially reasonable steps necessary to effect an orderly transition of the
relevant portions of its duties and responsibilities in a manner that provides
for reasonable consideration for the best interests of the participants and
beneficiaries, avoids the likelihood of an increase in economic loss, and
avoids the likelihood of resulting liability to the Board, its members, or the
State. The program administrator shall not impede or delay the orderly transfer
of its duties and responsibilities.
Notes
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