Iowa Admin. Code r. 495-14.18

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 495-14.18 - Special rules for tax treatment of distributions to same gender spouse and same gender former spouse alternate payees

(1) A beneficiary who is a same gender spouse or a same gender former spouse alternate payee shall be permitted to request direct rollovers of such beneficiary death benefit payments in the same manner as provided for a nonspouse beneficiary.

(2) Effective April 27, 2009, the term "eligible person" under Iowa Code section 97B.53B includes a same gender surviving spouse or same gender former spouse alternate payee, both of whom are subject to the limits specified in Iowa Code section 97B.53B(1) "b "(4).

(3) The term "eligible rollover distribution" does not include any lump sum distribution of benefits to a same gender spouse or same gender former spouse alternate payee, excluding death benefit distributions.

(4) The system shall have the authority to do whatever is necessary in its sole discretion to ensure that federal taxation of benefits paid to same gender spouses and same gender former spouses meets the requirements of the federal laws governing such distributions.

Iowa Admin. Code r. 495-14.18

ARC 8601B, lAB 3/10/10, effective 4/14/10; ARC 8929B, lAB 7/14/10, effective 6/21/10; ARC 9068B, lAB 9/8/10, effective 10/13/10