New Plan Provision
The Ohio Deferred Compensation Board is pleased to announce the following change as a result of recent Internal Revenue Service guidance regarding a provision of the Pension Protection Act of 2006.
Non-spousal Beneficiary Rollovers - The Plan will now permit non-spousal beneficiaries to roll their account to an individual retirement account (IRA). The new IRA provider will be responsible for administering the IRA as an inherited IRA subject to the distribution rules that apply to beneficiaries.
Participants or beneficiaries who are affected by this change may contact the Service Center for additional information and the required form.