86.294. Contributions to be accepted after January 1, 2002, limitations.
Contributions to be accepted after January 1, 2002, limitations.
86.294. 1. Notwithstanding any other provision of the planestablished in sections 86.200 to 86.366, and subject to the provisions ofsubsections 2, 3, and 4 of this section, effective January 1, 2002, theplan shall accept a member's rollover contribution or direct rollover of aneligible rollover distribution made on or after January 1, 2002, from aqualified plan described in Section 401(a) or 403(a) of the InternalRevenue Code, or an annuity contract described in Section 403(b) of theInternal Revenue Code, or an eligible plan under Section 457(b) of theInternal Revenue Code which is maintained by a state, political subdivisionof a state, or any agency or instrumentality of a state or politicalsubdivision of a state. The plan will also accept a member's rollovercontribution of the portion of a distribution from an individual retirementaccount or annuity described in Section 408(a) or (b) of the InternalRevenue Code that is eligible to be rolled over and would otherwise beincludable in gross income.
2. The amount of such rollover contribution or direct rollover of aneligible rollover distribution shall not exceed the amount required torepay the member's accumulated contributions plus the applicable members'interest thereon from the date of withdrawal to the date of repayment inorder to receive credit for such prior service in accordance with section86.210, to the extent that Section 415 of the Internal Revenue Code doesnot apply to such repayment by reason of subsection (k)(3) thereof, or topurchase permissive service credit, as defined in Section 415(n)(3)(A) ofthe Internal Revenue Code, for the member under the plan in accordance withthe provisions of section 105.691, RSMo.
3. Acceptance of any rollover contribution or direct rollover ofeligible rollover distribution under this section shall be subject to theapproval of the board of trustees and shall be made in accordance withprocedures established by the board of trustees.
4. In no event shall the plan accept any rollover contribution ordirect rollover distribution to the extent that such contribution ordistribution consists of after-tax employee contributions which are notincludable in gross income.
(L. 2002 H.B. 1455)Effective 7-11-02