86.296. Trustee to trustee transfers to be accepted after January 1, 2002. - Missouri Statutes

Trustee to trustee transfers to be accepted after January 1, 2002.

86.296. 1. Notwithstanding any other provision of the planestablished in sections 86.200 to 86.366, and subject to the provisions ofsubsections 2 and 3 of this section, effective January 1, 2002, the planshall accept a direct trustee-to-trustee transfer on behalf of a memberfrom an annuity contract described in Section 403(b) of the InternalRevenue Code or an eligible plan under Section 457(b) of the InternalRevenue Code which is maintained by a state, political subdivision of astate, or any agency or instrumentality of a state or politicalsubdivision.

2. A trustee-to-trustee transfer may be accepted by the plan only ifthe transfer is used to repay the member's accumulated contributions plusthe applicable members' interest thereon from the date of withdrawal to thedate of repayment in order to receive credit for such prior service inaccordance with section 86.210, to the extent that Section 415 of theInternal Revenue Code does not apply to such repayment by reason ofsubsection (k)(3) thereof, or to purchase permissive service credit, asdefined in Section 415(n)(3)(A) of the Internal Revenue Code, for themember under the plan in accordance with the provisions of section 105.691,RSMo.

3. Acceptance of any trustee-to-trustee transfer under this sectionshall be subject to the approval of the board of trustees and shall be madein accordance with procedures established by the board of trustees.

(L. 2002 H.B. 1455)

Effective 7-11-02