Rollover accounts for members who submit retirement application: Distributions. Polices and procedures. Restrictions.

(b) Commencing with retirements effective September 1, 2021, or later, any amount in a retired member's rollover account shall be distributed to such member in the form of an actuarially equivalent annuity for life, using the annuity rates adopted by the board for the selected retirement date and under the terms and conditions of the payment plan option the member selected on his or her formal application of retirement, as defined in section 10-183b . If such member dies prior to the date of his or her retirement, the accumulated rollover funds shall be distributed under the terms and conditions of the payment plan option the member elected on such application. (c) The board shall adopt policies and procedures regarding the prudent and efficient operation of rollover accounts established pursuant to subsection (a) of this section, which shall include, but need not be limited to, application and payment procedures for such accounts. (d) The funds in a member's rollover account shall be used only for distributions in accordance with subsection (b) of this section. The funds in such account may not be applied toward the purchase of additional credited service pursuant to section 10-183e . No interest shall be applied to any funds contained in a member's rollover account. (e) Rollover contributions made in accordance with this section shall not be treated as contributions, as defined in section 10-183b , and the board shall not subject such contributions to the limitations imposed under Section 415(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.