Sec. 823.005. ACCEPTANCE OF ROLLOVERS AND TRANSFERS FROM OTHER PLANS. Subject to rules adopted by the board of trustees, the retirement system shall accept an eligible rollover distribution or a direct transfer of funds from another qualified plan in payment of all or a portion of any deposit a member is permitted to make with the system for credit for service. The rules adopted by the board shall condition the acceptance of a rollover or transfer from another plan on the receipt from the other plan of information necessary to enable the retirement system to determine the eligibility of any transferred funds for tax-free rollover treatment or other treatment under federal income tax law.
Added by Acts 1995, 74th Leg., ch. 555, Sec. 7, eff. Sept. 1, 1995.
Structure Texas Statutes
Title 8 - Public Retirement Systems
Subtitle C - Teacher Retirement System of Texas
Chapter 823 - Creditable Service
Subchapter A. General Provisions
Section 823.001. Types of Creditable Service
Section 823.002. Service Creditable in a Year
Section 823.003. Benefits Based on Service Credit
Section 823.004. Computation of and Payment for Credit
Section 823.005. Acceptance of Rollovers and Transfers From Other Plans
Section 823.006. Limits on Annual Contributions for Purchase of Service Credit