As a former public school teacher, my wife gets a monthly check from the state Division of Pensions and Benefits. Is it possible to move that money each month into her Traditional IRA and consider it a rollover? We don't need the money right now, as I am still working. It seems to me that this is allowed, according to these documents:
It seems to me that the above documents indicate that this is allowed, as long as the money is moved within 60 days of each check (or if we can get the Division of Pensions and Benefits to move it directly into her Traditional IRA). Can anyone confirm if I am reading this correctly, that it is possible to move monthly pension payments into a Traditional IRA and consider them rollovers?
(Note: I am not talking about taking a total lump sum distribution from the pension; we don't want to do that, as that would be far less money than taking the monthly payments for years to come).
According to the pension documentation it is "a qualified pension plan under the provisions of the Internal Revenue Code (IRC), Section 401(a)(17)"