§ 5-4 Rollover contributions.
Current through 2026-07-17. Source: City of Balt., Md., Ord. 26-129. Published by the Baltimore City Department of Legislative Reference.
Balt., Md., Code art. 22A, § 5-4 (2026)
§ 5-4 Rollover contributions.LinkCopy Citation
(a)In general.
(1)
Subject to the requirements of this section, a member may make 1 or more rollover contributions to the Retirement Savings Plan.
(2)
As soon as administratively practicable after a rollover contribution is made, the contribution will be credited to the member’s Rollover Contribution Sub-Account.
(b)Required submissions.
A member who wishes to make a rollover contribution must:
(1)
file a request with the Board of Trustees in the form required by the Board; and
(2)
establish to the satisfaction of the Board that amounts intended to be rolled over satisfy the conditions of <cite data-path="|22A|5|5-4|(c)">subsection (c)</cite> of <cite data-path="|22A|5|5-4">this section</cite>.
(c)Conditions of rollover.
Every rollover contribution must be:
(1)
either:
(i)
an “eligible rollover distribution” as defined in IRC § 402(f)(2)(A), including eligible distributions of designated Roth contributions described in IRC § 402a(c)(3); or
(ii)
eligible for rollover treatment under IRC § 408(d)(3), including eligible distribution from a Roth IRA described in IRC § 408(a) eligible for rollover treatment under IRC § 408(d)(3), including eligible distributions from a Roth IRA described in IRC § 408(a).
(2)
made solely in cash;
(3)
distributed from:
(i)
a qualified plan under IRC § 401(a) or §403(a), except that amounts rolled over may not include nondeductible or after-tax contributions;
(ii)
a tax-sheltered annuity under IRC § 403(b);
(iii)
an eligible plan under IRC § 457(b) that is maintained by a state, a political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state; or
(iv)
an individual retirement account under IRC § 408(a) or an individual retirement annuity under IRC § 408(b), except that amounts rolled over may not include nondeductible or after-tax contributions; and
(4)
either transferred directly to the Retirement Savings Plan or, within 60 days of its receipt, contributed to the Plan by the member.
History: Ord. 14-216
History: Ord. 20-458