Number
031148
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
A charter ordinance relating to rollover distributions under the employes' retirement system.
Sections
36-10-2 am
36-10-3 am
Analysis
This charter ordinance clarifies provisions relating to rollover distributions under the employes' retirement system.
Body
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 36-10-2 and 3 of the charter is amended to read:
36-10. Exemption from Taxation, Execution and Assignment.
2. Notwithstanding sub. 1, a beneficiary who was a member may elect to have a taxable distribution except: annuities paid over life or life expectancy; installments for a period spanning 10 years or more; and minimum distributions under s. 401(a)(9) of the Internal Revenue Code; paid directly to an individual retirement account or bona fide defined contribution account that accepts contributions (Internal Revenue Code s. 401(a) and (31) and Internal Revenue Code s. 404(a)(2) >>, including an eligible plan under s. 457(b) of the Internal Revenue Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan,<< or a tax sheltered annuity that accepts rollovers (Internal Revenue Code s. 403(b)(10)).
3. Notwithstanding sub. 1, a beneficiary who is the surviving spouse of a member or beneficiary who was a member may elect to have a taxable distribution except: annuities paid over life or life expectancy; installments for a period spanning 10 years or more; and required minimum distributions under s.401(a)(9) of the Internal Revenue Code; paid directly to an individual retirement account >>or a bona fide defined contribution account that accepts contributions (Internal Revenue Code s.401(a) and (31) and Internal Revenue Code s. 404(a)(2), including an ...
Click here for full text