Ch. 233                                         1993 LAWS OF MARYLAND

SUBTITLE 6. ELIGIBLE ROLLOVER DISTRIBUTIONS

1-601.                                                                                    

(A)     IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B)      (1) "ELIGIBLE ROLLOVER DISTRIBUTION" MEANS A DISTRIBUTION ON
OR AFTER JANUARY 1, 1993, TO A PARTICIPANT OF ALL OR ANY PORTION OF THE
BALANCE TO THE CREDIT OF THE PARTICIPANT IN ANY ONE OF THE SEVERAL
SYSTEMS.

(2) "ELIGIBLE ROLLOVER DISTRIBUTION" DOES NOT INCLUDE:

(I)       ANY DISTRIBUTION THAT IS ONE OF A SERIES OF
SUBSTANTIALLY EQUAL PERIODIC PAYMENTS THAT ARE MADE AT LEAST
ANNUALLY FOR THE LIFE OR LIFE EXPECTANCY OF THE PARTICIPANT OR THE
JOINT LIVES OR JOINT LIFE EXPECTANCIES OF THE PARTICIPANT AND THE
PARTICIPANT'S BENEFICIARY;

(II)     ANY DISTRIBUTION THAT IS ONE OF A SERIES OF
SUBSTANTIALLY EQUAL PERIODIC PAYMENTS MADE FOR A SPECIFIED PERIOD OF
AT LEAST 10 YEARS;

(III)    ANY DISTRIBUTION THAT IS REQUIRED UNDER § 401(A)(9) OF
THE INTERNAL REVENUE CODE; OR

(IV)    EXCEPT FOR A DISTRIBUTION UNDER § 1-602(C) OF THIS
SUBTITLE, THE PORTION OF ANY DISTRIBUTION THAT IS NOT INCLUDABLE IN THE
PARTICIPANT'S GROSS INCOME.

(C)      "ELIGIBLE RETIREMENT PLAN" MEANS:

(1)      AN INDIVIDUAL RETIREMENT ACCOUNT DESCRIBED IN § 408(A) OF
THE INTERNAL REVENUE CODE;

(2)      AN INDIVIDUAL RETIREMENT ANNUITY, OTHER THAN AN
ENDOWMENT CONTRACT, DESCRIBED IN § 408(B) OF THE INTERNAL REVENUE CODE;

(3)      A QUALIFIED TRUST DESCRIBED IN § 401(A) OF THE INTERNAL
REVENUE CODE THAT IS EXEMPT FROM TAX UNDER § 501(A) OF THE INTERNAL
REVENUE CODE; OR                                                                                   

(4)      AN ANNUITY PLAN DESCRIBED IN § 403(A) OF THE INTERNAL
REVENUE CODE.

(D)     "DIRECT ROLLOVER" MEANS A PAYMENT BY THE STATE RETIREMENT
AGENCY DIRECTLY TO THE ELIGIBLE RETIREMENT PLAN SPECIFIED BY THE
PARTICIPANT.

(E)      "SUPPLEMENTAL PLAN" MEANS THE BOARD OF TRUSTEES OF THE
MARYLAND TEACHERS AND STATE EMPLOYEES SUPPLEMENTAL RETIREMENT

PLANS.                                                                                 

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