Puerto Rico Government Plan-to-Private Plan Rollovers Allowed
By EsqSocial Corporation 02/02/21
On January 20, 2021, the Puerto Rico Department of the Treasury (Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions from the retirement plan for Puerto Rico government employees are eligible for direct and indirect rollovers into Puerto Rico–qualified retirement plans maintained by private-sector employers. In practice, however, this determination is unlikely to have much of an impact on the...
By: Ogletree, Deakins, Nash, Smoak & Stewart,