Sec. 8. Option to roll over

167 words·~1 min read·/bill/117/s/2870/is/section-8

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any individual who holds an account described in subsection

(c)may elect to roll over the entire amount in such account into a PRIA Choice Account (as defined in section 223A of the Internal Revenue Code of 1986). Such rollover shall be treated as a rollover described in section 223A(e)(4) of the Internal Revenue Code of 1986. The trustee of any account described in subsection

(c)the beneficiary of which cannot be located or has ceased to exercise control over the assets of the account may transfer such account to a PRIA Basic or PRIA Choice Account in the name of the beneficiary in accordance with regulations issued by the Secretary of the Treasury. Such a transfer shall be treated as a rollover described in section 223A(e)(4) of the Internal Revenue Code of 1986. This subsection shall apply to accounts opened or annuity contracts purchased pursuant to the following sections of the Internal Revenue Code of 1986: Section 401(k). Section 403(b). Section 457. Section 409A. Section 408.