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• The taxable portion of a retirement plan distribution (refund) may be eligible for a tax-deferred rollover to an IRA, a 401(k) plan, a 401(a) plan, a 403(b) plan, or a 457 plan. Check with the receiving plan administrator to determine if it will allow such a rollover. Surviving spouses have the same rollover choices as members. Members or alternate QDRO payees may elect to roll over all or any part of the taxable portion of the member’s contributions plus interest. The payment received from the Retirement Systems is classified as a Qualified Total Distribution under Internal Revenue Code Section 401(a) and will be reported to the IRS on Form 1099-R.

  South Carolina Retirement Systems - Cite This Source - This Definition
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  Cite Definition for Direct Rollover

  American Psychological Association (APA)

  Direct Rollover. (n.d.). SCRS Glossary. Retrieved March 24, 2023, from website: http://www.expertglossary.com/definition/direct-rollover.

  Chicago Manual of Style (CMS)

  Direct Rollover. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/direct-rollover (accessed: March 24, 2023).

  Modern Language Association (MLA)

  "Direct Rollover." SCRS Glossary. South Carolina Retirement Systems. 24 March. 2023 http://www.expertglossary.com/definition/direct-rollover.

• Browse Related Terms: 401(k) Savings Plan and 457 Savings Plan, Average Final Compensation (AFC), Defined Contribution Plan, Direct Rollover, IRC Section 401(a), Lump-Sum Distribution, Qualified Domestic Relations Order (QDRO), Qualified Plan, Rollover, Roth 401(k) Savings Plan, Single-Sum Distribution, Tax-Deferred