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Maryland Code, State Personnel and Pensions § 21-602

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A participant may elect on the form the Board of Trustees requires to have all or any part of an eligible rollover distribution paid to an eligible retirement plan in a direct rollover.

(b)(1) If an eligible rollover distribution is payable to the designated spouse beneficiary of a member, former member, or retiree, the designated spouse beneficiary may elect to have all or any part of the eligible rollover distribution paid to an eligible retirement plan in a direct rollover.

(2)(i) A nonspouse designated beneficiary may roll over an eligible rollover distribution only to a traditional or Roth individual retirement account or individual retirement annuity established for the purpose of receiving the distribution.

(ii) A traditional or Roth individual retirement account or individual retirement annuity established under this paragraph shall be treated as an inherited individual retirement account or annuity within the meaning of § 408(d)(3)(C) of the Internal Revenue Code.

(c) A member who is eligible to participate in the plan administered by the supplemental plan under Title 35, Subtitle 5 of this article may elect to have all or any part of the eligible rollover distribution paid in a direct rollover to the plan in accordance with the regulations adopted by the supplemental plan.

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Cite this article: FindLaw.com - Maryland Code, State Personnel and Pensions § 21-602 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-personnel-and-pensions/md-code-st-pers-and-pens-sect-21-602/

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