8-37-219 - Rollovers Eligibility.
8-37-219. Rollovers Eligibility.
(a) Any member or any spouse of an active, inactive or retired member who is eligible for a lump sum payment under the provisions of chapters 34-37 of this title may request the Tennessee consolidated retirement system to rollover the taxable portion of such payment directly to an eligible retirement plan.
(b) For purposes of this section, eligible retirement plan means:
(1) For member transfers only, a qualified 403(a) annuity plan or a qualified 401(a) retirement plan; provided, that the plan accepts direct rollovers; or
(2) For member or spousal transfers, an individual retirement account or any other plan eligible under the Internal Revenue Code to receive such direct rollovers from a qualified plan; provided, that the plan accepts direct rollovers.
(c) Prior to making such a rollover, the retirement system may require the individual requesting the rollover to establish that the receiving plan meets the requirements of this section and the Internal Revenue Code.
(d) This section shall be administered in accordance with the direct rollover provisions of the Internal Revenue Code.
[Acts 1993, ch. 67, § 13.]