<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".05" citation="COMAR 22.07.02.05" title_num="22" subtitle_num="07" chapter_num="02" heading="Compliance with Internal Revenue Code, 26 U.S.C. §401(a)(31) for Eligible Rollover Distributions.">
  <paragraph num="A.">
    <text>Definitions.</text>
    <paragraph num="(1)">
      <text>In this regulation, the following terms have the meanings indicated.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Terms Defined.</text>
      <paragraph num="(a)">
        <text>“Direct rollover” has the meaning stated in State Personnel and Pensions Article, §21-601, Annotated Code of Maryland.</text>
      </paragraph>
      <paragraph num="(b)">
        <text>“Eligible rollover distribution” has the meaning stated in State Personnel and Pensions Article, §21-601, Annotated Code of Maryland.</text>
      </paragraph>
    </paragraph>
  </paragraph>
  <paragraph num="B.">
    <text>Within a reasonable period of time before making an eligible rollover distribution, the Retirement Agency shall provide the recipient with written notice regarding eligible rollover distributions as required under 26 U.S.C. §402(f) and applicable U.S. Treasury regulations.</text>
  </paragraph>
  <paragraph num="C.">
    <text>A participant shall have at least 30 days to review the Retirement Agency’s written notice under §B of this regulation and consider whether or not to have an eligible rollover distribution paid to an eligible retirement plan in a direct rollover.</text>
  </paragraph>
  <paragraph num="D.">
    <text>A participant may waive the notice period by making an affirmative election indicating whether or not the participant wishes to make a direct rollover.</text>
  </paragraph>
  <paragraph num="E.">
    <text>Rollover Election.</text>
    <paragraph num="(1)">
      <text>To elect to have all or any part of an eligible rollover distribution paid to an eligible retirement plan in a direct rollover, a participant shall properly complete the appropriate form that the Retirement Agency provides and file it with the Retirement Agency.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>A form to request a rollover is properly completed if it is completed, dated, and signed in accordance with the form’s instructions.</text>
    </paragraph>
  </paragraph>
</regulation>