Los Angeles County Municipal Code Part 12 Rollovers

A.

Rollovers from Other Plans.

The Trustee or its authorized agent shall, at the direction of the Administrative Committee, receive and thereafter hold and administer as part of the Account for a Participant all cash and other property that constitute an Eligible Rollover Distribution if such Eligible Rollover Distribution is either (a) received in a direct trustee-to-trustee transfer, or (b) transferred by the Participant to the Trustee or its authorized agent on or before the 60th day after he received such Eligible Rollover Distribution (a "Rollover Contribution"). For purposes of this Section 5.26.610A, the Plan will accept Rollover Contributions that are made on or after January 1, 2002, from the following "eligible retirement plans": (a) an individual retirement account under Code Section 408(a); (b) a "conduit" individual retirement account described in Code Section 408(d)(3)(A)(2); (c) an individual retirement annuity under Code Section 408(b); (d) an annuity plan described in Code Section 403(a); (e) a defined contribution plan which is qualified under Code Section 401(a); (f) an annuity contract under Code Section 403(b); and (g) an eligible deferred compensation plan under Code Section 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. The Plan will accept an Eligible Rollover Distribution on or after January 1, 2002 which includes a distribution of after-tax employee contributions, provided the Rollover Contribution is made in a direct trustee-to-trustee transfer. The Plan will accept an Eligible Rollover Distribution on or after January 1, 2002 that is attributable to the Participant's status as a surviving spouse. Notwithstanding the foregoing the Plan shall not accept as a Rollover Contribution any amount distributed from a designated Roth account (as defined in section 402A of the Code) or from a Roth IRA (as defined in section 408A of the Code).

The Administrative Committee may take any action and may require the Participant to provide any information or documentation necessary to permit the Administrative Committee to satisfy any obligation imposed on the Administrative Committee by the Code and the regulations thereunder to make a reasonable determination that the Eligible Rollover Distribution satisfies the requirements of the Code and the terms of the Plan. The Committee may instruct the Trustee or its authorized agent not to accept the contribution if it does not satisfy such requirements or if it would otherwise jeopardize the qualified status of the Plan.

An Eligible Rollover Distribution received by the Plan shall be held in the Participant's Rollover Contributions Account (which shall include one or more record-keeping subaccounts for purposes of separately accounting for Rollover Contributions from an eligible deferred compensation plan under Code Section 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 the nontaxable portion of a Rollover Contributions that include after-tax contributions) and invested in accordance with the Participant's instructions in accordance with Section 5.26.200.

B.

Rollovers from the Plan.

A Participant who is entitled to receive an Eligible Rollover Distribution from the Plan, may direct the Administrative Committee to have the distribution transferred in a lump sum directly to the trustee of one of the following "eligible retirement plans": (a) an individual retirement account under Code section 408(a); (b) an individual retirement annuity under Code section 408(b); (c) an annuity plan described in Code section 403(a); or (d) a plan which is qualified under Code section 401(a) and permits the acceptance of rollover contributions. Effective for any distributions made on or after January 1, 2002, the term "eligible retirement plan" also shall include: (y) an annuity contract under Code section 403(b), and (z) an eligible deferred compensation plan under Code section 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 the Plan. Effective for any distributions made on or after January 1, 2008, the term "eligible retirement plan" also shall include: a Roth IRA under Code section 408A. A direct rollover from the Plan will be offered only for distributions that would be Eligible Rollover Distributions without regard to Code section 401(a)(9)(H).

In order for a transfer to be made with respect to a Participant under this section, (a) the Participant must designate in writing the eligible retirement plan to receive the transferred amounts; (b) the Participant must timely provide the Administrative Committee with adequate information to enable the Administrative Committee to determine that the transferee plan is an eligible retirement plan described above; (c) the entire amount to be transferred must be an Eligible Rollover Distribution; and (d) the Participant must have received proper notice in accordance with Code Section 402(f).

For distributions made on or after January 1, 2002, a portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of After-Tax Contributions. However, such portion may be transferred only (a) to an individual retirement account under Code Section 408(a) or an individual retirement annuity under Code Section 408(b), or (b) in a direct trustee-to-trustee transfer to an annuity plan described in Code Section 403(a) or a defined contribution plan which is qualified under Code Section 401(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 distributions made after December 31, 1992, a Participant's surviving spouse who becomes eligible to receive a distribution on the Participant's death under Section 5.26.270 of the Plan or an Alternate Payee who is a Participant's spouse or former spouse who becomes eligible to receive a distribution under Section 5.26.465 of the Plan shall be treated as the Participant for purposes of this section, except that the term "eligible retirement plan" shall not include an annuity plan described in Code Section 403(a) or a defined contribution plan which is qualified under Code Section 401(a). For distributions made on or after January 1, 2002, a Participant's surviving spouse who becomes eligible to receive a distribution on the Participant's death under Section 5.26.270 of the Plan or an Alternate Payee who is a Participant's spouse or former spouse who becomes eligible to receive a distribution under Section 5.26.465 of the Plan shall be treated as the Participant for purposes of this section. A Participant's surviving Beneficiary who is not a spouse and becomes eligible to receive a distribution on the Participant's death under Section 5.26.270 of the Plan, may elect a direct trustee-to-trustee rollover to an individual retirement account or individual retirement annuity under (as defined in section 408 of the Code) established to receive such distribution in accordance with Code section 402(c)(11).

C.

Transfers from this Plan to a Successor 401(k) Plan. The Account of a Participant who is eligible to participate in (a) a qualified defined contribution plan including a qualified cash or deferred arrangement maintained by an entity determined by the Internal Revenue Service to be a successor employer to the County, or (b) a qualified defined contribution plan including a cash or deferred arrangement that is determined by the Internal Revenue Service to be a successor plan to this Plan such that it is treated as adopted before May 7, 1986 by a state or local government, its political subdivision, or its agency or instrumentality, (referred to herein as a "Successor CODA Plan"), shall be liquidated and transferred to the Successor CODA Plan in accordance with the procedures implemented by the Administrative Committee; provided that:

Any balance owing and obligations of a loan under this Plan shall become the balance owing and obligations due to the Successor CODA Plan, which shall assume the Participant's note; and

Vesting credit and benefit distribution rights accrued in this Plan shall be transferred to the Successor CODA Plan.

D.

Trustee-to-Trustee Transfers to Purchase Permissive Service Credit and as Repayment of Contributions and Interest.

Notwithstanding Sections 5.26.240 and 5.26.300, effective on or after September 1, 2007, a Participant may direct the Administrative Committee to make a direct trustee-to-trustee transfer of all or part of the Participant's Accounts, to the extent vested, to a defined benefit governmental plan (as defined in Code section 414(d)) in California if such transfer is (a) for the purchase of service or retirement credit that may be purchased under the terms of such defined benefit governmental plan, or (b) a repayment of contributions (including interest thereon) that may be made under the terms of such defined benefit governmental plan with respect to an amount previously refunded upon a forfeiture of service credit under the plan or under another governmental plan maintained by a State or local government employer.

Unless the Participant directs otherwise, transfers shall be made pro rata from each subaccount within the Participant's Account and from each Investment Fund in which those subaccounts are invested.

The Administrative Committee may take any action and may require the Participant to provide any information or documentation necessary to permit the Administrative Committee to satisfy any obligation imposed on the Administrative Committee by the Code and the regulations thereunder to make a reasonable determination that the trustee-to-trustee transfer satisfies the requirements of the Code and the terms of the Plan and will be accepted by the transferee plan.

E.

Certain Prior Trustee-to-Trustee Transfers to Purchase Permissive Service Credit and as Repayment of Contributions and Interest.

Effective on or after January 1, 1998, an Identified Participant may direct, and will be treated as having directed, the Administrative Committee to make a direct trustee-to-trustee transfer of his or her Transferred Benefits to a defined benefit governmental plan (as defined in Code section 414(d)) in California if such transfer is (a) for the purchase of service or retirement credit that may be purchased under the terms of such defined benefit governmental plan, or (b) a repayment of contributions (including interest thereon) that may be made under the terms of such defined benefit governmental plan with respect to an amount previously refunded upon a forfeiture of service credit under the plan or under another governmental plan maintained by a State or local government employer.

For purposes of this Section 5.26.610.E only:

a.

An "Identified Participant," is a Participant identified by the TPA as having rolled over to a defined benefit governmental plan funds that were not eligible for distribution or withdrawal as provided under Part 7 of the Plan.

b.

An Identified Participant's "Transferred Benefits" is the portion of that Participant's Account that was not eligible for distribution or withdrawal under Part 7, but which was nevertheless rolled over to a defined benefit governmental plan.

The Administrative Committee may take any action and may require the Participant to provide any information or documentation necessary to permit the Administrative Committee to satisfy any obligation imposed on the Administrative Committee by the Code and the regulations thereunder to make a reasonable determination that the trustee-to-trustee transfer satisfies the requirements of the Code and the terms of the Plan and will be accepted by the transferee plan.

(Ord. 2014-0017 § 24, 2014; Ord. 2008-0071 § 11, 2008; Ord. 2008-0022 § 10, 2008; Ord. 2008-0004 § 17, 2008; Ord. 2007- 0001 § 7, 2007; Ord. 2004-0064 §§ 1, 2 (part), 2004.)